The embargo covers Russian oil brought in by sea, allowing a temporary exemption for imports delivered by pipeline.
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.
The new package of sanctions will also include an asset freeze and travel ban on individuals, while Russia's biggest bank, Sberbank, will be excluded from SWIFT, the major global system for financial transfers from which the EU previously banned several smaller Russian banks. Three big Russian state-owned broadcasters will be prevented from distributing their content in the EU.
Michel said the new sanctions, which needed the support of all 27 member countries, will be legally endorsed by Wednesday. Hungarian Prime minister Viktor Orban had made clear he could support the new sanctions only if his country's oil supply security was guaranteed. Hungary gets more than 60% of its oil from Russia and depends on crude that comes through the Soviet-era Druzhba pipeline.
In his 10-minute video address, Zelenskyy told leaders to end"internal arguments that only prompt Russia to put more and more pressure on the whole of Europe." But Hungary led a group of EU countries worried over the impact of the oil ban on their economy, including Slovakia, the Czech Republic and Bulgaria. Hungary relies heavily on Russia for energy and can't afford to turn off the pumps. In addition to its need for Russian oil, Hungary gets 85% of its natural gas from Russia.
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