Hungary stalls bloc’s crude oil embargo plan © Getty Images / Ronda Kimbrow Photography
A sixth round of Ukraine-related anti-Russia sanctions is unlikely to include an oil embargo, several media outlets reported citing sources within the EU government.
According to Bloomberg, EU countries are still striving to agree on the sanctions package in full, and some member states believe that the decision on Russian oil should be postponed.
Representatives of Hungary, insist that the embargo will have devastating consequences on their country’s economy. Hungarian Prime Minister Viktor Orban recently urged that any option for an oil embargo should be discussed at a summit of EU leaders.
EU Foreign Policy Chief Josep Borrell on Friday announced that work on the oil ban has so far reached no results.
“The work on the oil embargo continues. On Monday, the foreign ministers will deal with this… I am sure we will have an agreement. I am sure that we must get rid of the oil dependence on Russia. Since there is no solution at the ambassadorial level, it will be discussed by the ministers,” he said, as cited by Russia’s TASS news agency.
EU sanctions require the unanimous support of all 27 nations, but ambassadors have been unable to reach an agreement on the sixth package of sanctions, which includes a draft of an oil embargo, for nine days now.
The European Commission proposed to ban the import of Russian crude oil starting six months after the entry into force of the sixth sanctions package, and on the import of Russian petroleum products starting from 2023. At the same time, the EC offered to allow Hungary and Slovakia, which are highly dependent on Russia, to purchase oil from Moscow until the end of 2024. (RT)
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