Russia hit by the latest EU sanctions package, peek at the facts

BRUSELLS – The European Union (EU) countries have reached an agreement on their sixth package of sanctions against Russia for its invasion of Ukraine. This includes an import ban on all crude oil and petroleum products at sea Russia in six to eight months.

Also Read: Uncovering the Facts of Russian Oil Refiners and their Former Buyers

The head of the European Council, Charles Michel, believes the deal could cut a huge source of financing for Russia’s war machine. This is part of the package EU sanctions the sixth agreed at a summit in Brussels, which was agreed by all 27 member states.

Here are some of the main elements and facts of the EU’s latest package against Russia:

Crude Oil Embargo

The EU will stop buying all Russian crude shipped by sea or the equivalent of 2/3 of all EU imports of Russian crude. The ban on Russian oil imports took effect in early December, and will ban all Russian refined petroleum products two months later.

Also Read: Ban on Russian oil imports, Europe finally compromises after being fought by Hungary

Shipments of Russian crude via the Druzhba pipeline, which runs across Poland, Germany, Hungary, Slovakia and the Czech Republic, will be exempt from the embargo indefinitely.

However Poland and Germany have said they will stop using the pipeline by the end of 2022, reducing Russia’s oil imports to the EU to 90% by the end of 2022.

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