Published on May 31, 2022 05:22 PM IST
The European Union has agreed to partially ban Russian oil imports to the bloc. The EU-wide ban will affect oil that arrives by sea, around two-thirds of imports – but not pipeline oil, following opposition from Hungary. However, Poland and Germany have also pledged to end pipeline imports, meaning a total of 90% of Russian oil will be blocked. European Council chief Charles Michel said the deal will help to cut off huge sources of financing for the Russian war machine. It is part of the sixth package of sanctions approved by EU. The move has quaked the global crude oil market, leading to jump in the prices across the world. Watch this report to know more.