The European Union has formally approved an embargo on Russian oil and other sanctions targeting major banks and broadcasters over Moscow’s war on Ukraine. EU headquarters says Russian crude oil will be phased out over six months, and other refined petroleum products over eight months. Noted that “a temporary exception is foreseen” for landlocked countries – like Hungary, the Czech Republic and Slovakia – that “suffer from a specific dependence on Russian supplies and have no viable alternative options.” Bulgaria and Croatia will also get “temporary derogations” for certain kinds of oil. EU leaders say the move means that around 90% of Russia’s oil exports to Europe will be blocked by year’s end. The EU imported about $51.5 billion in crude from Russia and $24.7 billion in refined products in 2021.