European Union leaders agreed to cut 90 per cent of oil imports from Russia by the end of this year, European Commission chief Ursula von der Leyen said on Tuesday.

"I am very glad that the leaders were able to agree in principle on the sixth sanctions package. This is very important," she said.

Von der Leyen added that the remaining 10 per cent will be temporarily exempt from the embargo so that landlocked Hungary, which was the main holdout for a deal, along with Slovakia and the Czech Republic that are all connected to the southern leg of the pipeline, will have access which they cannot easily replace.

Von der Leyen added the EU leaders' deal would clear the way for other elements of a sixth package of EU sanctions on Russia to take effect, including cutting Russia's biggest bank, Sberbank, from the SWIFT messaging system and banning three more Russian state-owned broadcasters.

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