EU Leaders have Backed an Embargo on more than Two-Thirds of Russian Oil Imports

European Union leaders have backed an embargo on "more than two-thirds" of Russian oil imports, European Council President Charles Michel was quoted as saying on Twitter.

During the ongoing summit in Brussels, Michel also commented that the maximum pressure on Russia will end the war, and the oil embargo cuts a huge source of funding for the military machine.

Michel notes that the decision is a compromise - "for" the imposition of sanctions on Moscow, but also in line with the position of Hungary.

Here is what Hungarian Prime Minister Viktor Orbán said earlier:

"We are ready to support the sixth package if there are solutions for security of energy supply in Hungary. So far we do not have any. The decision on the pipeline is not bad. But we need guarantees that in case of an incident with the pipeline through Ukraine, we will receive Russian oil from other sources. If we get them, fine. "

The leaders of the 27 also decided to provide more than 9 billion euros in financial assistance to Ukraine in order to improve its "financial liquidity".

As part of the sixth package of sanctions against Moscow, European leaders also decided that Russia's largest bank, Sberbank, would be excluded from the SWIFT international payment system.

The Brussels summit will continue today.

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