The agreement reached after a concession to Hungary bans Russian oil imports arriving by sea, cutting off two-thirds of the bloc’s total imports.

The European Union reached an agreement late Monday to ban most imports of Russian oil, a move that further severs ties between Europe and Russia and marks the harshest economic retribution Moscow has faced for its war in Ukraine.

The deal bans Russian oil imports arriving by sea by the end of the year, which will cut off two-thirds of the bloc’s total imports and cost the Kremlin billions of dollars a year. It applies “maximum pressure on Russia to end the war,” the president of the European Council, Charles Michel, said on Twitter.

By 4difm

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