May 31, 2022

The EU accepts the embargo on Russian oil, grants exemptions to Hungary; Zelenskiy plus sanctions

BRUSSELS (Reuters) – European Union leaders have agreed to an embargo on imports of Russian crude that will take effect until the end of 2022, but Hungary and two other landlocked central European states have received exemptions for imports of pipelines on which they depend. The ban, agreed overnight after weeks of disputes, aims to halt 90 percent of Russian crude imports into the 27-nation bloc by the end of the year. This is the harshest sanction imposed on Russia so far for its invasion of Ukraine, and it will be the EU itself, where energy costs have skyrocketed and inflation is close to a double-digit clip.

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