European Union’s formal approval of embargo on Russian oil import

Brussels (Belgium) – The European Union has agreed to approve the embargo on Russian oil. There was also an agreement to enforce a ban on Russian banks. Russian oil imports will be reduced in stages within the next six months. According to the European Union, other petroleum products will be banned within the next 8 months. The European Union depends on Russia for approximately 25% of its oil demands. As an effect of this decision, 90% of the exports would halt.

●  Hungary, the Czech Republic, and Slovakia have declined the Russian oil embargo since they entirely depend on Russia for oil imports.

● Bulgaria and Croatia are temporarily exempted to import a particular oil product from Russia.

List of Russian banks with sanctions

●     Sberbank of Russia

●     Credit Bank of Moscow

●     Russian Agricultural Bank

●     Belarusian Bank for Development and Reconstruction

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