EU approves partial Russian oil ban, sanctions on Sberbank

The European Union approved a sixth package of sanctions including a partial ban on Russian oil imports after further objections from Hungary held up an agreement.

The diplomats meeting on Thursday backed the measures, which would represent the EU’s toughest yet and are aimed at curbing Russia’s ability to finance the war in Ukraine, according to people familiar with the matter. 

The measures would forbid the purchase of crude oil from Russia delivered to member states by sea in six months and refined petroleum products in eight months. Pipeline crude would be temporarily spared as a concession to Hungary and other landlocked countries, which rely on Russian supplies through the Druzhba pipeline.

The sanctions package will also see Russia’s biggest bank, Sberbank, cut off the international payments system SWIFT. The same restriction also targets Credit Bank of Moscow and the Russian Agricultural Bank.