European Union to cut Russian oil imports by 90 percent by the end of the year

EU leaders on Monday agreed at a summit focused on helping Ukraine to ban most Russian oil imports to the European bloc by the end of the year.

The agreement covers more than two-thirds of Russia’s oil imports. The EU agreement is expected to effectively cut oil imports by about 90% by the end of the year.

It also agreed to provide 9 billion euros in aid to support Ukraine’s economy. But it is unknown at this time that if the amount will be a loan or a grant .
This is the sixth EU embargo on Russia. Earlier, the United States and Europe had imposed various sanctions on Russia.