EU Agrees Ban On Most Russian Oil

European Union leaders agreed on Monday to embargo most Russian oil imports into the bloc by year-end as part of new sanctions on Moscow.

The compromise was made at a two-day summit focused on helping Ukraine with a long-delayed package of new financial support.

The embargo covers Russian oil brought in by sea, allowing a temporary exemption for imports delivered by pipeline, a move that was crucial to bring landlocked Hungary on board a decision that required consensus.

EU Council President Charles Michel said the agreement covers more than two-thirds of oil imports from Russia. Ursula Von der Leyen, the head of the EU's executive branch, said the punitive move will "effectively cut around 90% of oil imports from Russia to the EU by the end of the year".