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Reuters
Reuters
Business
Jan Strupczewski and Philip Blenkinsop

EU, resolving a deadlock, in deal to cut most Russia oil imports

Hungary's Prime Minister Viktor Orban listens to a media question as he arrives for the European Union leaders summit, as EU's leaders attempt to agree on Russian oil sanctions in response to Russia's invasion of Ukraine, in Brussels, Belgium May 30, 2022. REUTERS/Johanna Geron

European Union leaders agreed in principle on Monday to cut 90% of oil imports from Russia by the end of this year, resolving a deadlock with Hungary over the bloc's toughest sanction yet on Moscow since the invasion of Ukraine three months ago.

Diplomats said the agreement would clear the way for other elements of a sixth package of EU sanctions on Russia to take effect, including cutting Russia's biggest bank, Sberbank, from the SWIFT messaging system.

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