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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Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.