The 27 EU member states agreed to a new sanctions package overnight into Tuesday morning covering more than two-thirds of Russian oil imports to the bloc, European Council President Charles Michel announced.
Oil prices spiked following the EU’s announcement it would ban most Russian imports of the commodity. The price of Brent Crude, for example, surged to two-month highs of over $123 per barrel (€115). West Texas Intermediate rose to over $119 per barrel, its high price since early March. Inflation is also surging in Europe amid Russia’s war on Ukraine. Inflation in the 19 countries of the Eurozone reached a record 8.1% in May, according to authorities.

Germany’s Olaf Scholz praised the EU’s partial ban on Russian oil imports as a symbol of unity. He also expressed understanding for EU countries such as Hungary, which are not able to wean themselves off Russian oil as quickly as Germany. Following EU talks in Brussels, Scholz said the sanctions are intended to end the war and lead to a peaceful solution with Ukraine. The German leader also announced that Germany would sent German infantry fighting vehicles (IFV) to Greece. This would allow the government in Athens to then send Soviet-style weapons to Ukraine. “We will provide Greece with German infantry fighting vehicles,” Scholz told journalists. He didn’t yet specify what type of vehicles Berlin would sent to Greece or what types of weapons would be passed onto Kyiv.

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