EU diplomat: EU agrees to ban 90% of Russian oil imports by end of 2022

EU leaders are meeting for an off-schedule summit and some progress with regard to Russian sanctions is being made. The EU Council President Michel says they have an agreement to ban the export of Russian oil to the EU. The EU, he says, ''agrees to de-swifting the largest Russian bank Sberbank, banning 3 more Russian state-owned broadcasters, and sanctioning individuals responsible for war crimes in Ukraine.''

To date, Hungary has blocked EU-wide energy sanctions, but this meeting may have provided a platform for a breakthrough. The New York Times said the embargo was in draft agreement leaders were set to adopt Monday. 

The Times said the measure will ban all Russian oil transported to the European Union by tankers, but permit crude arriving by pipeline. That would still outright ban two-thirds of all oil imported into the bloc from Russia, based on a draft seen by the Times.

In March, leaders asked the Commission to present proposals at this meeting on how to deal with rising food prices, defence gaps, decoupling electricity and gas prices, as well as reducing Russian energy dependence.

Oil prices were unchanged in early Asian trade despite the prospects of an agreement.