The deal excludes from the embargo shipments by pipeline, which Hungary relies on for Russian oil. It aims to reduce Moscow's income to finance the operation it launched more than three months ago in Ukraine, with some of the toughest EU sanctions yet.

The ban on seaborne imports of Russian oil will be imposed with a phase-in period of six months for crude oil and eight months for refined products, a European Commission spokesperson said.

That timeline would kick in once the sanctions are formally adopted, with EU states aiming to do so this week.