The commercial war between Russia and the EU continues, as European officials approve a new set of sanctions against the Russian giant, in light of the continuing invasion of Ukraine.
The embargo covers Russian oil brought in by sea, allowing a temporary exemption for imports delivered by pipeline, which is expected to provide Hungary, Slovakia and the Czech Republic with additional time to wean themselves off crude oil supplies from Russia.
Russia currently supplies 27 per cent of the EU's imported oil and 40 per cent of its gas, with the bloc paying around €400bn (£341bn) a year in return. That is equivalent to around 2.4 million barrels per day, according to data from the International Energy Agency. For this reason, the sanctions - expected to be legally endorsed on Monday - will likely transform the bloc’s energy sector.
Ursula Von der Leyen, the head of the EU’s executive branch, said the punitive move will “effectively cut around 90 per cent...