European Union leaders agreed to embargo most Russian oil imports into the bloc by year-end as part of the new sanctions on Moscow. According to the EU Council President Charles Michel, the agreement covers more than two-thirds of oil imports from Russia. European Commission President Ursula Von der Leyen said the move “will effectively cut around 90% of oil imports from Russia to the EU by the end of the year.”

Hungarian Prime Minister had made clear he could support the new sanctions only if his country’s oil security was guaranteed.

Bulgaria was given an exemption until 2024 from the EU embargo on Russian oil.

The EU leaders agreed to provide Ukraine with more than EUR 9 billion to support Kyiv’s immediate liquidity needs.

The special meeting of the European Council continues on May 31.