Russian oil embargo secured

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 Member States’ interests. Either comprised of the heads of government (European Council) or more frequently the ministers (Council of the EU) meeting in different constellations depending on the policy area. Involved in policy-making, often together with the European Parliament. Council President Charles Michel stressed that the new measures immediately affect 75% of Russian oil imports, and the number will increase to 90% by the end of the year. 

Tonight #EUCO agreed a sixth package of sanctions.

It will allow a ban on oil imports from #Russia.

The sanctions will immediately impact 75% of Russian oil imports. And by the end of the year, 90% of the Russian oil imported in Europe will be banned. pic.twitter.com/uVoVI519v8

— Charles Michel (@eucopresident) May 30, 2022

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:

Embargo on Russian oil to come in sixth sanctions package