f Ukraine.
Officials and diplomats still have to agree on the technical details and the sanctions must be formally adopted by all 27 nations. Hungary, which will continue to receive Russian oil via pipeline, had been blocking an embargo for the past month as it sought assurances its energy supplies wouldn't be disrupted.
Seaborne supplies account for about two-thirds of Russian oil imports, and once in place, the measure would cost Putin up to US$10 billion a year in lost export revenue, according to Bloomberg calculations. That's because the ban would force Russia to sell its crude at a discount to Asia, where it's already changing hands at about US$34 a barrel cheaper than the price of Brent futures.
A plan to ban Russians from purchasing real estate in the EU was dropped from the deal, according to a person familiar with the negotiations. Haggling over the terms of the EU's oil embargo also led other member states to seek exemptions.
Not just some... two third
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