Last Updated on September 25, 2022 by Bitfinsider

The EU-wide prohibition will apply to oil imported by sea (about two-thirds of all imports), but not pipeline oil, due to Hungary’s resistance.

Poland and Germany have also agreed to halt pipeline imports, effectively blocking 90 percent of Russian oil.

The pact, according to European Council President Charles Michel, cut off a major source of funding for Russia’s war machine.

It’s part of a six-pack of measures authorized during a summit in Brussels, which required unanimous approval from all 27 EU member states.

Russia presently provides the EU with 27% of its imported oil and 40% of its gas. In exchange, the EU pays Russia roughly €400 billion ($430 billion, £341 billion) per year.

The EU’s oil pact is a compromise, but it is also significant.

Moscow is strongly reliant on its energy exports, and the EU claims that this agreement will reduce Russian oil imports by more than 90% by the end of the year.

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