EU agrees to ban most imports of Russian oil by the end of the year|Charles Michel|via Twitter
As Ukraine holds its last city in the strategic Luhansk province from Russia, the European Union Monday decided to ban 90% of oil imports from Russia by the end of the year.
European Council President Charles Michel said on Twitter that the EU agreed to the oil ban during a summit in Brussels. The ban would cut off more than two-thirds of oil imports from Moscow over the sea, "cutting a huge source of financing for its war machine."
The latest oil ban is part of the sixth and by far, the toughest sanction imposed by the EU since the beginning of the Russia-Ukraine war.
The exemption
The oil embargo imposed by the EU includes an exemption for Hungary, as the country heavily relies on Russian oil and receives its supply through a Soviet-era pipeline that runs across Ukraine.
The impact
The oil ban was soon followed by a drastic increase in prices in the global market. US crude futures jumped up more than 2% to $117.74.
Brent crude futures increased 0.62% to $122.43.
Donbas in danger
Following the EU oil embargo, Ukrainian President Volodymyr Zelensky, in his nightly address, said the situation in the region of Donbas “remains extremely difficult” as the Russian troops are “trying to gather a superior force to put more and more pressure on our defenders.”
Ukraine continues to defend Donbas as capturing the twin cities of Severodonetsk and Lysychansk would give Moscow control over Luhansk, which could pose a strategic victory for the Kremlin and a huge blow for Kyiv.
