EU states fail to agree on Russian oil embargo

EU states fail to agree on Russian oil embargo

European Union member states have failed to agree on proposals to ban Russian oil imports, after more than 10 days of talks, with Hungary leading a group of countries resisting the measure, according to the EU foreign policy chief.

Josep Borrell said: “we will do our best in order to deblock the situation. I cannot ensure that it is going to happen because positions are quite strong.”

The proposed embargo on Russian crude is part of a sixth package of sanctions, proposed on May 4, over the Ukraine conflict.

Borrell acknowledged that some member states “face more difficulties because they are more dependent, because they are landlocked,” and that “they only have oil through pipelines, and coming from Russia.”

EU countries which are highly dependent on Russian oil, including Hungary, the Czech Republic, Slovakia and Bulgaria, have repeatedly voiced their objections to a ban. The Hungarian government says an embargo would deal a crippling blow to the economy.

Last week, Hungarian Foreign Minister Peter Szijjarto said that the bloc had failed to find a way of mitigating the damage from an embargo.

Since late February Western powers have imposed severe sanctions on Russia over its military operation in Ukraine. The penalties include banning coal imports, freezing Russian assets, closing the skies to Russian planes, blacklisting businesses and other measures.

Aside from banning EU planes from its airspace, Russia’s response has so far been largely limited to sanctions against certain companies related to the seizure of Russian assets, and a demand that “unfriendly countries” pay for Russian natural gas in rubles.

For more stories on economy & finance visit RT's business section

Source: www.rt.com

The last notes - Экономика

most read news

#Экономика

The Central Bank of Russia (CBR) is considering creating a compensation fund for local investors whose assets have been frozen by Western nations, Governor Elvira Nabiullina said on Thursday during
подробнее...

Price for electricity in two key EU markets saw enormous increases on Friday, forcing the bloc’s leaders to call an emergency meeting to discuss the power-supply crisis that keeps tightening its grip,
подробнее...

Russian energy major Gazprom's stock jumped 31% on Wednesday to 267.25 rubles per share (just over $4.43) on the Moscow Exchange, following the company’s announcement of bumper profits and dividend
подробнее...

Electricity prices in Germany are expected to jump to record highs next year, the Neue Osnabrucker Zeitung newspaper reported on Friday, citing the country’s local public utilities association
подробнее...

South Korea has clinched a 3 trillion won ($2.25 billion) deal with Russian state nuclear corporation Rosatom to provide components and construct turbine buildings for Egypt’s first nuclear power
подробнее...

The Bulgarian government is considering holding talks with energy giant Gazprom on resuming Russian natural gas imports, Energy Minister Rosen Hristov told Nova TV on Friday.“There are still no active
подробнее...

Natural gas spot prices in Europe continue to rise with September futures on the TTF hub in the Netherlands jumping to nearly $3,500 per thousand cubic meters on Friday, according to data on the
подробнее...

Imports of Russian goods by Mexico saw a substantial annual increase of more than 20% during the first six months of the current year, according to the latest figures released by the Bank of Mexico.In
подробнее...

Hundreds of various types of unsanctioned Russian goods worth billions of dollars continue to flow into US ports, Associated Press reported on Thursday.The report highlighted that over 3,600 shipments
подробнее...

The Moldovan government has launched a special website which will help citizens find firewood to heat their homes, authorities announced this week.“The site provides information about the nearest
подробнее...

The EU is planning urgent steps to bring down surging power prices, European Commission President Ursula von der Leyen said on Monday, as quoted by Bloomberg.“The skyrocketing electricity prices are
подробнее...

One of Russia’s top banks, VTB has become the first lender in the country to launch money transfers to China in yuan, sidestepping the Western-controlled global financial messaging system SWIFT.“The
подробнее...

Major European ports have signaled their readiness to facilitate the export of Russian fertilizers, UN Secretary-General Antonio Guterres said in an interview with RIA Novosti, published on
подробнее...

The engine of European economic development, Germany, is set for a contraction, Deutsche Bank CEO Christian Sewing warned this week, as cited by CNBC.According to the media outlet, Sewing said in a
подробнее...

Russian state-owned energy giant Gazprom confirmed on Tuesday it had cut off off gas supplies to French utilities company Engie. The Paris-based firm has failed to pay for July gas deliveries in full,
подробнее...

The proposal by the EU to place a price cap on Russian natural gas imports is a foolish, non-market-oriented plan that has no future, Russian President Vladimir Putin said on Wednesday.“Faced with
подробнее...

Russia has huge natural gas reserves that could last for more than a century, the head of state-owned Gazprom, Alexey Miller, said on Wednesday at the International Business Congress. “Our consumers,
подробнее...

The European Commission on Sunday proposed withholding $7.5 billion in funds allocated to Hungary, due to corruption concerns. The suspension is aimed at protecting the bloc’s budget, according to
подробнее...