EU leaders have reached a compromise to impose a partial oil embargo on Russia at a summit aimed at helping Ukraine with a package of sanctions that Hong Kong has long blocked.
The water embargo agreed on Monday covers only Russian oil carried by sea, allowing a temporary exemption for imports delivered by pipeline.
EU Council President Charles Michel said on Twitter that the deal covers more than two-thirds of Russia’s oil imports, “cutting a major source of funding for its war machine. Russia to end war “.
Ukrainian protesters call for an embargo on Russian oil during a protest in front of EU institutions ahead of an extraordinary meeting of EU leaders. (AP)
The EU had already imposed five rounds of sanctions on Russia for its war. It has targeted more than 1,000 people individually, including Russian President Vladimir Putin and senior government officials, as well as pro-Kremlin oligarchs, banks, the coal sector and more.
But the sixth package of measures announced on May 4 had been hampered by concerns over oil supplies.
Hungarian Prime Minister Viktor Orban has made it clear that he could only support the new sanctions if his country’s security of oil supply is guaranteed. The landlocked country gets more than 60 percent of its oil from Russia and depends on crude oil coming from the Soviet-era Druzhba gas pipeline.
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Ursula Von der Leyen, the EU’s chief executive, had downplayed the possibility of a breakthrough at the summit. But leaders reached a compromise after Ukrainian President Volodymyr Zelenskyy urged them to put an end to “internal arguments that only put Russia under increasing pressure across Europe.”
Von der Leyen said the punitive measure “will effectively reduce about 90 percent of Russia’s oil imports into the EU by the end of the year.”
A partial embargo has been agreed that will cut off Russian oil imported into Europe by sea. (AP)
The EU gets about 40 percent of its natural gas and 25 percent of its oil from Russia, and divisions on the subject set the limits of the ambitions of the 27-nation bloc.
In his 10-minute video address, Zelenskyy told leaders to end “internal arguments that only put Russia under increasing pressure across Europe.”
He said the sanctions package must be “agreed, it must be effective, including (on) oil”, so that Moscow “feels the price of what it is doing against Ukraine” and the rest of Europe. Only then, Zelenskyy said, will Russia be forced to “start seeking peace.”
It was not the first time it had demanded that the EU target Russia’s lucrative energy sector and deprive Moscow of billions of dollars a day in supply payments.
But Hungary, which leads a group of EU countries such as Slovakia, the Czech Republic and Bulgaria, is heavily dependent on Russia for energy and cannot afford to turn off the bombs. In addition to its need for Russian oil, Hungary obtains 85 percent of its natural gas from Russia.
Orban had been adamant in reaching the two-day summit that no agreement was seen, and stressed that Hungary needed to secure its energy supply.
Ukrainian President Volodymyr Zelenskyy is seen on a screen, on the left, addressing from Kyiv during an extraordinary meeting of EU leaders to talk about Ukraine, energy and food security in the Europe building in Brussels · on Monday, May 30, 2022. (AP)
French officials said Germany and Poland’s decision to phase out Russian oil by the end of the year and to give up oil from the Druzhba pipeline would help reach the 90 percent threshold announced by von der Leyen.
The summit will also focus on continued EU financial support to Ukraine – probably the approval of a € 9 billion (Australian $ 13.5 billion) assistance tranche – and military aid and research. of war crimes.
The issue of food security will be on the table on Tuesday, with leaders ready to encourage their governments to speed up work on “solidarity streets” to help Ukraine export grain and other products.
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Protesters gathered in front of EU buildings on Monday ahead of the summit, with signs such as “No to Russian oil and gas.”