Russia could lose $10 billion a year after the EU's ban on importing its oil, Bloomberg calculates

• Russia stands to lose billions a year following the EU ban on importing its oil, Bloomberg reported.
• The EU imported two-thirds of its oil from the country, the President of the European Council said.

The EU's decision to ban Russian oil imports by the end of 2022 could cost the country $10 billion each year, Bloomberg reported.

The deal, reached late Monday after months of negotiation, will sever Russia from a huge source of financing, as the EU imported two-thirds of its oil from the country, according to Charles Michel, President of the European Council.

"This immediately covers more than 2/3 of oil imports from Russia, cutting a huge source of financing for its war machine," Michel tweeted Monday. "Maximum pressure on Russia to end the war."

Bloomberg calculated that this ban could cost Russia up to $10 billion a year in lost exports.

The ban marks the latest punitive measure against Russia over its invasion of Ukraine in February. The EU has imposed a sweeping set of sanctions against the country, including a ban on importing its iron and steel.

Michel said Monday's sanction package also includes cutting Russia's largest bank, Sberbank, off from Swift, the global financial payment system; a ban on an additional three Russian state-owned broadcasters; and sanctioning people the EU believes are responsible for war crimes in Ukraine.

On Tuesday, Russian energy giant Gazprom said it would cut natural-gas supply to the Netherlands after Dutch trader GasTerra refused to pay it in rubles. GasTerra said the move would breach EU sanctions on Russia.

In neighboring Denmark, power company Orsted acknowledged Monday a "risk that Gazprom Export will stop supplying gas to Orsted" as it too is refusing to pay in rubles.