EU sanctions on imports of crude oil from Russia at sea will be imposed with a transition period of six months for crude oil and eight months for refined products, a spokesman for the European Commission announced on Tuesday, Reuters reports.
The timetable will be set as soon as the sanctions are officially adopted, with EU member state ambassadors aiming to adopt them this week, after EU bloc leaders agreed in principle with the sanctions at Monday’s meeting, according to Agerpres.
EU leaders have agreed to a 90% reduction in Russian oil imports by the end of the year, as well as other sanctions, including the removal of Russia’s largest bank, Sberbank, from SWIFT system to punish Moscow for its intervention in Ukraine.
The two-day summit in Brussels is set to address the aftermath of the war-induced food crisis and the necessary energy transformation that will allow European countries to cope without gas imported from Russia.