EU summit, 6th Russian sanctions agreement,

EU summit, 6th Russian sanctions agreement... Hungarian Oil Sanctions Exempted.jpeg

The leaders of EU member states agreed in principle on the 6th sanctions against Russia, including the ban on oil imports through offshore tankers, on Monday.

The agreement is generally similar to the 6th EU Commission sanctions announced on May 4, but the import of crude oil through oil tankers will be suspended by the end of this year and imports through pipelines will be maintained. The sanctions will take effect later this week after a formal approval process by the EU board.

[Crude oilsanctions]

Oil imports through oil tankers will be suspended within six months after the sanctions take effect, and petroleum products will be suspended within the year.But imports through pipelines will be maintained for the time being considering special circumstances in Hungary, which is an inland country.

Hungary will also gradually stop importing Russian crude oil if oil imports through the Hungarian-Croatian pipeline expand. As the Hungarian-Russian pipeline passed through Ukraine, a war zone, Hungary reserved its authority to implement emergency measures to respond to future supply crises.

Germany and Poland, which can import Russian oil through pipelines, voluntarily promised to stop importing oil through pipelines within the year.

If crude oil sanctions are implemented, Russian oil imports are expected to immediately fall by two-thirds and fall by about 90% within the year, contributing to Russia's massive blocking of war funds.

[Other restrictions]

The sixth sanction (draft) includes blocking access to the Swift network to Sberbank, Russia's largest bank, and expanding human sanctions such as the Russian Orthodox Patriarch and military officials related to the Bucha massacre.

On the other hand, the 6th sanctions are evaluated that Hungary's claim was fully accepted and agreed after about a month of delay in the agreement between the leaders.

In this regard, Dutch Prime Minister Mark Root stressed that all possible technical consultations on sanctions should be held first before discussing the details of the sanctions so that the seventh sanctions (draft) to be pursued in the future will not be hostage to the claims of certain member countries.