The European Union has agreed to ban the vast majority of Russian oil imports after heated talks that examine how far the bloc is willing to go to isolate Moscow. The EU has done the greatest work ever to punish Russia for its war in Ukraine.
Since the Russian invasion on February 24, the West has sought to finance Russia’s war. However, Russia’s lucrative energy sector was seen as the last resort in Europe.
This is the hardest thing to do, since the block gets 25% of its oil and 40% of its natural gas from Russia. European countries that are increasingly dependent on Russia have been particularly slow to act.
Just a few months ago, it was unthinkable that EU leaders would agree to reduce Russia’s oil imports by 90% in the next six months. But that’s exactly what they did on Monday night.
Belgian Prime Minister Alexander de Cruz called the ban a “big step” and Irish Prime Minister Michael Martin called it “a watery moment.”
German Chancellor Olaf Schulz said: “The sanctions have a clear goal: to stop the war in Russia, to withdraw its troops and to agree on a peaceful and just peace with Ukraine.” Ukraine thinks it will have to pay billions of dollars to Russia because of sanctions.
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