Brussels, Belgium- European Union (EU) leaders have agreed to cut 90 percent of oil imports from Russia by the end of the year.
The embargo covers Russian oil brought in by sea but has a temporary exception for imports delivered by pipeline to appease Hungary and other countries concerned about the economic impact of a full ban.
“We want to revert to the European Council as soon as possible in order to address this temporary exception and to make sure that we will be able to target all the Russian oil. We want to stop Russia’s war machine. More than ever it’s important to show that we are able to be strong, that we are able to be firm, that we are able to be tough,” said Charles Michel, the president of the European Council.
The oil embargo is intended to hurt the Russian economy in retaliation for the country’s military operation against Ukraine. Nevertheless, Russia can still divert its oil exports to other nations that do not support the embargoes, like India or China.
Meanwhile, Israel’s Energy Minister, Karin Elharrar, has said that the country will begin the process of launching a fourth exploration for natural gas in its territorial waters, as a response to a growing energy crisis in Europe.
“The State of Israel is pitching in and helping Europe diversify its energy sources. The global energy crisis provides an opportunity for the State of Israel to export natural gas, along with the honest and real concern for what is going on in Europe.
(In addition the Ministry aims) to ensure Israel’s energy security, the diversity of our energy sources and investment in renewable energies, and the Israeli economy’s gas reserves for the coming decades,” said Elharrar.
