Headline RoundupMay 30th, 2022

EU Leaders Agree on Partial Embargo of Russian Oil Imports

Summary from the AllSides News Team

The European Union on Tuesday reached an agreement "in principle" to impose a partial oil embargo on Russia amid its ongoing invasion of Ukraine.

The deal would ban all Russian oil imported by sea, which makes up approximately two-thirds of the EU's total oil purchases from Russia. However, the embargo would temporarily exempt pipelined oil as some countries have said they can’t quickly replace plentiful Russian gas. Senior EU officials are expected to meet on Wednesday to sign off on the sanctions, which would also target Russian banks, media outlets and Russian military officials. European Council President Charles Michel praised the deal as a "remarkable achievement" that would cut off Russia's "financing for its war machines." Russia is the world's second-largest crude oil exporter and accounted for about 27% of EU oil imports in 2021.

Most outlets across the spectrum similarly highlighted the EU's slow progress to pass the new sanctions package, which was initially proposed over three weeks ago. Some outlets referred to the embargo as "watered-down," while others highlighted how "Ukraine will need hundreds of billions" after the war is finished to rebuild key infrastructure.

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