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EU leaders agree: Oil sanctions against Russia will apply after a transitional period

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According to the quoted source, this timetable will be set as soon as the sanctions are officially adopted, with the ambassadors of the EU member states aiming to adopt them this week, after the leaders of the EU bloc agreed in principle with the sanctions at Monday’s meeting.

EU leaders have agreed to a 90% reduction in Russian oil imports by the end of the year, as well as other sanctions, including the removal of Russia’s largest bank, Sberbank, from SWIFT to punish Moscow for its intervention in Ukraine. , informs Agerpres.

The two-day summit in Brussels is set to address the aftermath of the war-induced food crisis and the necessary energy transformation that will allow European countries to cope without gas imported from Russia.

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EU Council President Charles Michel welcomed the deal in a Twitter post, saying the embargo would immediately apply to more than two-thirds of Russia’s oil imports, cutting off a huge source of funding for the war machine. of the Kremlin.

Due to the voluntary commitment of Germany and Poland to stop imports, the embargo will eliminate “about 90%” of European imports of Russian oil by the end of the year, “European Commission President Ursula von der Leyen said on Twitter.

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Imports through the Drujba pipeline, which also supplies Hungary, will be exempted in the first stage. This allowed Budapest to lift the veto that had blocked the adoption of the EU’s sixth package of sanctions against Russia for several weeks.

Hungary’s inland water consumption is 65% dependent on oil transported through the Drujba pipeline.

Russia is responsible for 40% of gas imports and 26% of EU oil imports.

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