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EU edges towards oil sanctions on Russia, no deal yet

Commodities May 08, 2022 11:50AM ET
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© Reuters. FILE PHOTO: Models of oil barrels and a pump jack are seen in front of displayed EU and Russia flag colours in this illustration taken March 8, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

BRUSSELS (Reuters) - European Union governments moved closer on Sunday to agreeing tough sanctions against Russia that include a ban on buying Russian oil, but scheduled more talks for Monday to work out how to ensure countries most dependent on Russian energy can cope.

Ambassadors of the 27 EU countries have been meeting daily to discuss details of the sixth sanctions package targeting Moscow over its invasion of Ukraine since the European Commission announced proposals for it on May 4.

"The Council (of EU governments) is united on the need to adopt a 6th sanctions package," the French presidency of the EU and the Commission said in a statement. "Very significant progress has been made on most of the measures."

The sticking point is how to secure oil supplies to landlocked Hungary, Slovakia and the Czech Republic, which all depend heavily on Russian crude delivered via Soviet-era pipelines and face a challenge to secure alternative sources.

"We still have work to finalize, in a spirit of solidarity, the guarantees which are necessary for the oil supply conditions of the Member States which currently find themselves in a very specific situation with regard to supply by pipeline from Russia," the joint statement said.

To get all EU members on board, the Commission proposed changes on Friday to its planned embargo on Russian oil to give the three countries more time to shift their energy supplies, EU sources said.

Under the initial plan, all EU countries would stop buying Russian crude within six months and Russian refined products by the end of the year.

The tweaked proposal would give Hungary, Slovakia and the Czech Republic help to upgrade their refineries to process oil from elsewhere and delay their exit from Russian oil to 2024.

There would also be a three-month transition before banning EU shipping services from transporting Russian oil, instead of one month as initially proposed, to address concerns raised by Greece, Malta and Cyprus about their shipping companies, one of the sources added.

EU edges towards oil sanctions on Russia, no deal yet
 

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Comments (7)
Klaus Mittwoch
Klaus Mittwoch May 08, 2022 6:41PM ET
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Upgrade refinery is a half year process. They (Hungary, Czech, Slovakia) did nothing in last years to be more independent from Russia oli. Now, they play to get more from EU then others. They are small countries anyway and they stop whole EU because their neglect and loving Russia.
CYRIL AFIABOH
CYRIL AFIABOH May 08, 2022 4:34PM ET
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well from all the comment. Putin doesn't want the war to end as well. its not all about US alone. EU should sanction them. money inflow will slow down. that will minimize the assault. those in govt are seeing beyond our complains. Putin has bought war upon us all.
Dailand Crude
Dailand Crude May 08, 2022 1:43PM ET
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ok normally the crude is going to drop on monday... I hope so...
László Tuba
László Tuba May 08, 2022 1:40PM ET
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I am a Hungarian man. I love our country. I absolutely hate this war! Despite of that to my mind the oil ban for Russian oil is a nightmare! Buying russian oil from thirtd countries to pay more money isn' t a solution for this situation. Russian oil is going to find its way to EU despite of the santions! Just it will be more expensive! :). It is easy in US to tell us for ban! The ban is big buisness for US like the huge ammout of weapons that send to the war!
Klaus Mittwoch
Klaus Mittwoch May 08, 2022 1:40PM ET
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Do you know that Druzhba pipeline can be closed in Poland and Ukraine and you will have no access to Russian oli? And Adria pipline has limited capacity of about 10 million tonnes per annum. What your government did to diversification oil supply except Orban's big love to Putin?
IT Pro
IT Pro May 08, 2022 1:20PM ET
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This is a joke. Ban on russian oil by 6 months? By then the conflict in Ukraine could be over and EU will go back to buying Russian oil. Fact is there is no way Oil from other regions to fulfill EU's demand for oil. Middle east has it own problems. One rocket launch from houti rebels and Saudis will be forced to cut down production in order to safeguard their installations.  The US is having the last laugh here. They will sell billions worth of Oil & Gas to Eu. At the same time they will send loads of javelin missiles to ukraine to keep the conflict going. Russia will still manage to sell oil to India/China. Europeans will end up paying top euro just to keep warm. Hopefully they will soon realize they been taken for a ride.
Frank Farrell
Frank Farrell May 08, 2022 12:50PM ET
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The US seem to be loving this conflict... puts them in a position of strength against their old foe...
CN KW
CN KW May 08, 2022 12:26PM ET
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the price has gone too high, think deep. this moves will not just kill Russia but mostly all!
 
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