Envoys from European Union countries did not reach an agreement on Wednesday about a proposed embargo against Russian oil, but they were expected to move closer to a deal at a meeting on Thursday, an official familiar with the talks told Reuters.
#eudebates the unique initiative aiming to promote debate, dialogue, knowledge, participation and communication among citizens. #eudebates #Russia #Ukraine #Energy #Putin #Embargo #sanctions #Putin #OIL #Rubles
The European Commission proposed earlier on Wednesday an embargo for Russian oil which would take effect in six months for crude oil exports, and in eight months for diesel and other oil products. Under the proposal, Hungary and Slovakia would be granted a longer period to adapt to the embargo until the end of 2023.
EU envoys had their first discussion about the proposal on Wednesday, but the meeting ended without a formal backing for the plan, as some countries raised concerns about the proposed measures, the source said, declining to be named because of the sensitivity of the matter.
Hungary, Slovakia, the Czech Republic and Bulgaria raised concerns about the oil embargo, the source said, noting however that a deal could be achieved at a new meeting of envoys on Thursday.
Hungary and Slovakia have been publicly raising their concerns about the oil embargo, with Slovakia saying on Wednesday it wanted a longer transition period to wean itself off Russian oil, of at least three years.
The European Union’s chief executive will on Wednesday announce a phased oil embargo on Russia for waging war in Ukraine, as well as hitting more Russian banks with sanctions, in the bloc's latest effort to isolate Moscow.
European Commission President Ursula von der Leyen is due to announce the measures, which must still be agreed by EU governments, after 0630 GMT in an address to the European Parliament in Strasbourg.
The Commission’s proposed measures against Russia, which attacked Ukraine by land, sea and air on February 24, are likely to include phasing out supplies of Russian crude oil within six months, sources said.
As well as oil, the sixth round of sanctions would also affect Sberbank, Russia’s top lender, diplomats told Reuters, adding it to several banks that have already been excluded from the SWIFT messaging system.
If agreed, the sanctions would mark a watershed for the 27 countries long dependent on Russian energy. There would still be exemptions for some countries, including Hungary and Slovakia, and natural gas has yet to be targeted with sanctions.
Its ban has not yet been properly discussed at EU level because of the bloc’s reliance on it.
