German Chancellor Olaf Scholz said the decision sent a “strong signal of unity.” However, the compromise took almost a month to reach, on a gradual ban that will not apply to pipeline imports, writes Deutsche Welle
The 27 EU member states agreed to a new sanctions package overnight into Tuesday morning covering more than two-thirds of Russian oil imports to the bloc, European Council President Charles Michel announced.
Michel said on Twitter the arrangement will cut “a huge source of financing” for Russia’s “war machine and put “maximum pressure on Russia to end the war.”
German Chancellor Olaf Scholz told a press conference Tuesday afternoon he welcomed the oil embargo, which had been “mutually agreed” by EU member states.
The chancellor said that the sanctions would further pressure Russia to end the war in Ukraine and withdraw from the country.
Scholz added Germany was sticking to its goal of no longer importing oil from Russia by the end of the year.
The bloc also agreed on removing Sberbank from the SWIFT international payment system. Sberbank is Russia’s largest bank and is majority state-owned.
What is now the sixth round of sanctions on Russia following its invasion of Ukraine had been stalled for almost a month over tense disagreements within the bloc due to varying levels of dependence on Russian-sourced energy.
German Chancellor Scholz said Tuesday that a temporary exemption on oil deliveries arriving by pipeline to a few countries “was important,” as countries like Hungary and Slovakia will need to “take transitional measures” and ” it will take some time for them to prepare.”
“We want them to do so, and this has enabled us to agree on a common decision,” the German chancellor said.
On Tuesday, the European Commission said sanctions on seaborne imports of Russian oil would be imposed with a phase-in period of six months for crude oil and eight months for refined oil.
European Commission President Ursula von der Leyen said Tuesday that EU member atates were “coming together to strengthen defense, ensure reliable and sustainable energy supply.”
“It is solidarity and cooperation that are at the heart of any successful strategy to deal with Russia as a non-reliable supplier,” von der Leyen told a press conference Tuesday in Brussels.
