(VOVWORLD) -The European Union’s sanctions against seaborne imports of Russian oil will be imposed with a phase-in period of six months for crude oil and eight months for refined products, a European Commission spokesperson said on Tuesday.
 Worker checks the water supply system at the Danube refinery of Hungarian oil company MOL in the town of Szazhalombatta, 30km south of Budapest. (Photo: AFP/VNA) |
That timeline will kick in once the sanctions are formally adopted, with EU ambassadors aiming to adopt them this week. EU leaders on Monday, after resolving a deadlock in negotiations with Hungary, agreed in principle to the sanctions, which will cut 90% of oil imports from Russia by the end of this year.
Currently, more than 60% of the Russian oil that the EU imports is transported by sea, with about 30% arriving through the Druzhba pipeline. The oil embargo will be applied only to the sea-transported oil.