EU to stop short of full Russian oil embargo – media — Analysis

Bloomberg reports that Brussels has proposed a ban on seaborne crude oil as an initial measure.

Bloomberg reports that the European Commission suggested that an embargo be placed on Russian oil, by allowing seaborne delivery to stop, but delaying any ban on supply pipelines. Bloomberg reported this Saturday. “people familiar with the matter.”

According to the news agency, the revised proposal was sent on Saturday to member countries’ governments and may be considered by EU Ambassadors in the next 24 hours.

According to the EU executive arm, oil shipments through Druzhba, which links Russia with Ukraine, Belarus and Poland, Hungary as well as Slovakia, Slovakia, Slovakia, Slovakia, Czech Republic, Austria, Germany, and Slovakia should be exempted from the blockade that Moscow is trying to place on Moscow in response to its military attack against Ukraine.

Asia outpaces Europe as top Russian oil buyer – Bloomberg

This proposal is said to be aimed at satisfying Hungary’s objections, as it has been slowing down the implementation of the sixth EU-Russian sanctions package. Budapest gets most of its oil in Russia and has described a complete ban as a total ban. “an atomic bomb.”Others landlocked countries, such as the Czech Republic or Slovakia, have expressed reservations about an embargo.

This proposal will give Hungary more time to search for a substitute for Russian oil pipelines.

According to sources, EU countries will stop receiving Russian crude oil by tankers within six months. They also plan on stopping imports of refined petroleum products by eight months.

In addition to the proposed draft, European Commission suggested that restrictions be placed on the re-export of Russian pipe oil to member states and third parties.

EU explains why it keeps buying Russian oil

Ursula Von der Leyen (President of European Commission) stated to MSNBC that the bloc couldn’t immediately prohibit Russian oil from President Vladimir Putin. “might be able to take the oil that he does not sell to the EU to the world market, where the prices will increase, and sell it for more – and that would fill his war chests.”

Von der Leyen emphasized that the EU must continue working towards eliminating dependence on Russian oil, gas and other resources.

“Over time what we do is get rid of the overall dependency of the Russian fossil fuels, all three of them, and never to go back again… If there’s anything Putin has achieved it is that he lost his best client and Europe will never come back, and he pushed us – and that’s good – into the direction of renewable energy,”Sie said.

Share this story via social media



Related Articles

Back to top button