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European leaders reach agreement on Russian oil ban, a significant measure at cracking down on Moscow

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President of the European Commission Ursula von der Leyen, pictured here in February, said on Twitter that the EU agreed to "phase out our dependency on Russian gas, oil & coal as soon as possible."
  • European Union leaders reached an agreement on Monday over a Russian oil ban. 
  • The significant measure is aimed at punishing Russian leadership for its invasion of Ukraine. 
  • The ban will cut some 90% of oil imports from Russia to the EU by the end of 2022.
  • For more stories visit Business Insider.

European Union leaders reached an agreement on Monday over a Russian oil ban, the head of its executive arm said on Monday, a remarkable measure that officials negotiated for months and is aimed at punishing Russian leadership for its invasion of Ukraine. 

"I welcome the #EUCO agreement tonight on oil sanctions against Russia. This will effectively cut around 90% of oil imports from Russia to the EU by the end of the year," European Commission President Ursula von der Leyen said in a tweet on Monday.

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