European Union leaders agreed on Monday to impose an embargo on the vast majority of Russian oil imports into the EU by the end of the year as part of new penalties against Moscow devised at a meeting centered on providing Ukraine with a long-delayed package of extra financial aid.

The embargo covers Russian oil imported by sea, granting a temporary exception for pipeline-delivered supplies, a step that was vital for Hungary's participation in a consensus-required vote given its landlocked location.

EU Council President Charles Michel stated that the accord covers nearly two-thirds of Russian oil imports. Ursula Von der Leyen, the head of the EU's executive arm, noted that the punitive measure will "effectively reduce approximately 90 percent of Russia's oil exports to the EU by the year."

Michel stated that leaders also agreed to grant Ukraine a $9.7 billion ($9 billion) aid package to bolster the war-torn nation's economy. It was unclear if the funds would be distributed as grants or loans.

Russia's permanent envoy to international organizations in Vienna, Mikhail Ulyanov, replied on Twitter to the EU's decision, stating, "As she correctly stated yesterday, Russia will find other importers."

Individuals will be subject to a travel ban and asset freeze. Russia's largest bank, Sberbank, will be blocked from SWIFT, the primary worldwide system for financial transfers from which the EU previously barred several smaller Russian banks. It will be prohibited for three major Russian state-owned broadcasters to distribute their material in the EU.

"We want to stop Russia's war machine," Michel added, praising a "remarkable accomplishment."

"It is more important than ever to demonstrate our strength, our firmness, and our resilience," he added.

Michel stated that the additional penalties, which required the agreement of all 27 member countries, will be ratified by Wednesday.

The EU has previously imposed five rounds of sanctions against Russia for its involvement in the war. More than 1,000 individuals have been targeted, including Russian President Vladimir Putin and prominent government officials and pro-Kremlin oligarchs, banks, the coal industry, and others.

But the sixth package of measures announced on May 4 was delayed due to oil supply problems.

The stalemate humiliated the bloc, compelled to reduce its objectives to overcome Hungary's reluctance. Ursula von der Leyen, president of the European Commission, suggested the package with the primary goal of phasing out crude oil imports within six months and refined products by the end of the year.

Michel and von der Leyen concurred that leaders would soon revisit the matter to ensure that Russia's pipeline oil exports to the EU would be banned.

Viktor Orban, the prime minister of Hungary, stated he could only support the new sanctions provided his country's oil supply security was ensured. More than 60 percent of Hungary's oil comes from Russia via the Druzhba pipeline, constructed during the Soviet era.

Von der Leyen had minimized the likelihood of a summit breakthrough. However, a compromise was achieved after Ukrainian President Volodymyr Zelenskyy encouraged leaders to halt "internal disputes that only encourage Russia to increase its pressure on Europe as a whole."

About forty percent of the EU's natural gas and twenty-five percent of its oil come from Russia, and disputes over the issue have exposed the limitations of the 27-nation trading bloc's objectives.

In his 10-minute video address, Zelenskyy urged European leaders to avoid "internal disputes that only encourage Russia to increase its pressure on the entire continent."

He stated that the sanctions package must be "agreed upon, effective, and include oil," so that Moscow "pays the price for its actions against Ukraine and the rest of Europe." Only then, according to Zelenskyy, will Russia be compelled to "begin seeking peace."

Not for the first time, he proposed that the EU target Russia's profitable energy sector and deprive Moscow of daily supply payments totaling billions of dollars.

However, Hungary headed a group of EU nations concerned about the effect of the oil restriction on their economies, which included Slovakia, the Czech Republic, and Bulgaria. Hungary relies on Russian energy imports and cannot afford to shut off the pumps. In addition to its dependence on Russian oil, 85 percent of Hungary's natural gas comes from Russia.

On arrival at the Brussels meeting, Orban was categorical that no agreement was imminent, emphasizing that Hungary's energy supply must be assured.

Von der Leyen and Michel asserted that the promise by Germany and Poland to phase out Russian oil by the end of the year and to forego oil from the northern portion of the Druzhba pipeline would help reduce Russian oil imports by 90 percent.

The topic of food security will be discussed on Tuesday, with leaders expected to urge their governments to expedite work on "solidarity lanes" to assist Ukraine in exporting grain and other agricultural products.