After long meetings tonight, the European Union agreed to a Russian oil embargo.
The agreement means stopping more than two-thirds of oil imports from Russia.
The hope is that this will give less money to Russia’s war of conquest in Ukraine.
– European Union leader Charles Michel said after the summit in Brussels: – We want to stop the Russian war machine and finance its military capabilities.
Russia has always made a lot of money from exporting oil and gas to Europe. It will now be the end of it.
Towards more green energy
Early Tuesday morning, the price of oil rose as a result of the EU boycott. According to the statement, the price of oil is now at its highest level since March DN.
Because the boycott applies only to oil imported by sea, three countries have been exempted. Hungary imports 60 percent of the oil it uses via pipelines from Russia. It will also allow the Czech Republic and Slovakia to continue importing oil.
However, 90 percent of Russian oil will exit the EU market by the end of the year. European Union Commission President Ursula von der Leyen thinks so.
It says the EU has also agreed to “huge investments in renewable energy”.
This was the sixth time that EU leaders had agreed to sanctions against Russia.
Criticism of Zelensky
Ukrainian President Volodymyr Zelensky has asked the European Union to stand together.
“Only an effective embargo can make Russia realize the cost of war,” Zelensky said at the summit.
He hopes the boycott will force Russia to negotiate.
The European Union is also imposing an entry ban on more Russians. They kicked out Russia’s largest bank, Sberbank, from the Swift global payment system. Three Russian TV channels will be banned
At the same time, the European Union provides 9 billion euros to support Ukraine. The money will keep the state running, among other things by paying salaries and helping keep hospitals and schools open.
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