EU member states have finally agreed to ban 90% of Russian oil imports by the end of this year as part of the latest Ukraine-related sanctions against Moscow.
The embargo, which had been debated for nearly a month, targets Russian crude delivered by sea, while allowing a temporary exemption for pipeline fuel, to win the support of Hungary and other landlocked countries.
“An agreement was reached. Hungary is exempt from the oil embargo!” Hungarian Prime Minister Viktor Orban posted on Facebook.
Hungary was not alone in voicing objections to the Russian oil embargo. The landlocked nation led a group of EU states, including Slovakia, the Czech Republic, Bulgaria and Croatia, alarmed by the potential impact on their economies.