European leaders finally reached a consensus on the Commission’s proposed sixth sanctions package in the late evening of Monday, 30 May. The new sanctions include a phase-out of Russian oil by the end of this year, which has been the main point of contention in the negotiations over the past weeks.
Hungary was blocking the sanctions package insisting that an embargo on Russian oil would have too severe consequences for the country’s energy security. As a compromise, the agreed sanctions only place an embargo on Russian oil entering the EU on ship, while oil transported through pipelines will still be able to flow into the EU.
Despite this caveat, EU An institution representing the
While the oil embargo is the most impactful measure to cut Putin off from financial resources needed to finance his war, the sanctions package includes more measures that we previously covered when the Commission presented its proposal: