EU approves latest oil embargo on Russia

　　On May 30, during the EU Extraordinary Summit, European Council President Charles Michel announced that the leaders of the EU member states reached an agreement on an immediate ban on the import of 75% of Russian oil
.

　　On the same day, Michel said that the leaders of EU member states have reached an agreement on the sixth round of sanctions against Russia, and will immediately ban the import of 75% of Russian oil, with a temporary exception for oil supplied through pipelines to ensure the energy security of the Czech Republic, Slovakia and Hungary.

.
Among them, the Czech Republic received an 18-month exemption from the ban, allowing the import of Russian oil and products for resale
.
The EU has also pledged to improve infrastructure to enable Hungary to get more oil from Croatia through an alternative pipeline
.
Michel said that by the end of this year, oil imports from Russia will be cut by 90% to reduce the source of Russian funds
.
In addition, the sanctions package also includes the exclusion of Russia's largest bank, Sberbank, from the Society for Worldwide Interbank Financial Communication (SWIFT)
.

　　At present, the EU's sanctions on Russian oil focus on seaborne oil imports, and tankers carrying Russian oil are no longer allowed to unload at EU ports
.
The new sanctions also include a ban on EU companies from insuring and reinsuring Russian ships, further preventing EU companies from doing energy deals with Russia
.