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EU agrees gradual Russian oil embargo, gives Hungary exemptions

European Union leaders have agreed an embargo on Russian oil imports that will start kicking in towards the end of the year and which exempts, for now, pipeline imports that Hungary and two other landlocked Central European states rely on. The toughest sanction yet on Russia for its invasion of Ukraine, agreed overnight after weeks of wrangling, aims to remove 90% of Russia’s crude imports into the 27-nation bloc by year-end, senior officials said. “The purpose is to stop Russia’s aggressive war,” Latvian Prime Minister Krisjanis Karins said.

These are the key data points that may determine whether the market is near the bottom

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