EU leaders agree to Russian oil ban after compromise with Hungary

The EU has been under pressure to cut oil imports, which provide a sizeable income to Russia, and Ukrainian demonstrators held rallies outside the summit [Olivier Matthys/AP Photo]

European Union leaders have agreed in principle to cut 90 percent of oil imports from Russia by the end of this year, cutting off a vital source of funding for Moscow’s invasion of Ukraine, after reaching a compromise deal with Hungary.

The 27-nation organisation has spent weeks haggling over a complete ban on Russian oil but encountered stubborn resistance from Hungarian Prime Minister Viktor Orban who said an embargo would destroy his country’s economy.