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5/31, 12:03 AM (Source: TeleTrader)
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EU agrees to ban 90% of Russian oil imports

President of the European Commission, Ursula von der Leyen, announced that European leaders have reached an agreement to ban the export of Russian oil to the EU, which she claims will effectively cut around 90% of Moscow's oil imports by year-end.

European Council President Charles Michel said that the ban will immediately cover over two-thirds of imports from the country, likely because the now forbidden sea-borne imports of crude will account for that much. According to Michel, the bloc's decision was made in an effort to strengthen the economic pressure on the Kremlin while Moscow continues to conduct its military operation in Ukraine. "Maximum pressure on Russia to end the war," he asserted.

The ban, however, exempts oil that comes through pipelines, allowing dependent states to continue importing.

Baha Breaking News (BBN) / NL