EU agrees to cut oil imports from Russia by 90 percent

Kathmandu, May 31

Leaders of the European Union (EU) have decided to ban 90 percent of Russia's oil imports.

According to Reuters, a conference of European Union (EU) leaders in Brussels, Belgium, on
Monday to assist Ukraine reached a preliminary deal on Russian oil restrictions.

At the meeting, a complete prohibition was discussed. Following Hungary’s protests, an agreement was reached to reduce Russian oil imports by more than two-thirds.

Hungary’s dissatisfaction was the topic of hours of debate among EU leaders.

According to the BBC, the EU will decrease Russian oil imports by 90% by the end of the year after Hungary agreed.

This is the EU’s most significant action since Russia invaded Ukraine three months ago.

Charles Mitchell, the head of the European Council, tweeted that he had agreed to decrease oil production and that Russia had cut off important financial resources. He claims that this will put pressure on Russia to end the conflict.

According to the BBC, the decision is part of a sixth package of measures adopted at a
conference in Brussels. All 27 member nations agreed on the decision.

Sberbank, Russia’s largest bank, will also be withdrawn from the Swift system as part of the sixth round of sanctions. Three government-owned broadcasters will also be prohibited.

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