EU leaders have reached an agreement “in principle” on banning oil imports from Russia, European Commission chief Ursula von der Leyen said early on Tuesday, according to Reuters.
“I am very glad that the leaders were able to agree in principle on the sixth sanctions package,” she told reporters after the first day of an EU summit in Brussels.
“Council should now be able to finalize a ban on almost 90% of all Russian oil imports by the end of the year. This is an important step forward. On the remaining 10%, on these we will soon return to the issue of these remaining 10% of pipeline oil,” she added.
Charles Michel, president of the European Council, said the move would immediately hit 75% of Russian oil imports, CNBC reports.
“The European Council agrees that the sixth package of sanctions against Russia will cover crude oil, as well as petroleum products, delivered from Russia into Member States, with a temporary exception for crude oil delivered by pipeline,” according to a statement from the European Council.
The European Council added that in case of “sudden interruptions” of supply, “emergency measures” will be introduced to ensure security of supply.
That temporary exception covers the remaining Russian oil not yet banned, European Commission President Ursula von der Leyen said in a press conference.
Von der Leyen explained that the temporary exemption was granted so that Hungary, along with Slovakia and the Czech Republic — all connected to the southern leg of the pipeline — have access which they cannot easily replace.