The restriction will affect only oil that is delivered by sea.
EU leaders reached a compromise on the introduction of a partial oil embargo against Russia at a summit dedicated to helping Ukraine.
The embargo became part of a package of sanctions that was discussed for a long time and blocked by Hungary.
The relaxed embargo applies only to Russian oil imported by sea, allowing for a temporary exception for imports supplied by pipelines.
The President of the European Council, Charles Michel, said that the agreement covers more than two-thirds of oil imports from Russia.
The new package of sanctions also includes a travel ban and freezing of assets of individual individuals, as well as disconnecting Sberbank, the country’s largest bank, from the SWIFT interbank information transfer system.
In addition, three major Russian state broadcasters will be banned from distributing their content in the EU.
“We want to stop the Russian military machine,” Michel said, noting what he called a “remarkable achievement.”
“Now more than ever it is important to show that we can be strong, that we can be firm, that we can be tough,” he added.
Michel said that the new sanctions, which require the approval of all 27 member states, will be legally approved no later than Wednesday.
Earlier, the EU has already imposed five rounds of sanctions against Russia in connection with its war. They affected more than a thousand people, including Russian President Vladimir Putin and senior government officials, as well as pro-Kremlin oligarchs, banks, the coal industry and other companies.
However, the adoption of the sixth package of sanctions, announced on May 4, was delayed due to disputes over oil supplies.
The disputes put the bloc in an awkward position, and it was forced to moderate its ambitions in order to gain Hungary’s approval.
When European Commission President Ursula von der Leyen proposed a package of measures, the initial goal was to gradually stop importing crude oil within six months, and petroleum products by the end of the year.
Hungarian Prime Minister Viktor Orban has made it clear that he can support new sanctions only if the security of oil supplies to his country is ensured.
Hungary, which has no access to the sea, receives more than 60 percent of the oil it needs from Russia and depends on the fuel that comes through the Druzhba oil pipeline, built during the Soviet era.