empty
 
 
31.05.2022 09:55 AM
EU summit to agree sanctions should include Russian oil embargo with pipeline exemption

This image is no longer relevant

European Union leaders are due to agree at a summit that the sanctions package under preparation should include an embargo on Russian oil imports, but exempt pipeline crude deliveries, Reuters reported, citing a draft document.Over the weekend, EU member states once again failed to reach a mutually acceptable agreement on a proposal for a full oil embargo on Russia. Therefore, they continue to discuss the issue now.Reuters quoted a senior EU diplomat as saying there is "still too much detail to sort out".In the sanctions debate, Hungary is the most opposed, insisting it is heavily reliant on Russian oil imports to support sanctions against it.The EU has taken into account the fears of Hungary and other Central European countries, which also get most of their oil from Russia, and recently agreed to exclude pipeline oil imports from Russia from the sixth sanctions package.Put another way, the ban applies only to Russian oil brought into the EU by tankers.Nevertheless, Hungary was dissatisfied with such arrangements. The country insisted on obtaining EU funding to increase pipeline import capacity from Croatia and to reconfigure its refineries to process Brent crude rather than Urals.

This image is no longer relevant
EU leaders had hoped that the EU summit would pass a unanimous decision on a ban on Russian oil, to be phased in over six months and with exceptions for Central European countries, including Hungary, Slovakia and the Czech Republic.

Last week, Hungary's foreign minister pointed out that a deal on joint action could be unsuccessful. He said that if an embargo on Russian oil was discussed at the summit, it would destroy European unity.European Commission President Ursula von der Leyen last week unexpectedly said it would actually be better if the EU continued to import Russian oil, as this would prevent President Vladimir Putin from selling it on other markets at higher prices.

Irina Yanina,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback