The European Union’s partial embargo on Russian oil sounds impressive, but it is the bloc’s insurance ban on crude shipments that packs the most punch. After weeks of political wrangling , all 27 countries in the bloc finally agreed to ban shipments of Russian crude and refined fuels overnight on Monday. Hungary’s Prime Minister Viktor Orban—an EU bugbear and pal of Russian President Vladimir Putin—had been the holdout. The phased-in embargo is forecast to affect about 90% of the bloc’s total Russian crude imports by the end of the year, with Hungary, Slovakia and the Czech Republic expected to use an exemption for pipeline supplies. Continue reading your article with a WSJ membership View Membership Options