• BS+

EU plans Russian oil ban by the end of the year but Hungary not in favour


European commission President

The European Union has announced plans to ban Russian oil by the end of the year as part of the sixth package of sanctions in response to the war in Ukraine.


The plans - which need member states' approval - also include sanctions on individuals, including those suspected of war crimes and could yet be vetoed by those who are reliant on supplies from Russia, such as Hungary and Slovakia though they are to be given until the end of 2023 to eliminate Russian oil.


While the EU relies on Russia for around 26% of its supplies, Slovakia secures over 90% of its oil from Russia.


A majority of Hungary's oil is also sourced from Russia.


In recent days, Germany has signalled that it won't stand in the way. Essentially, since the war in Ukraine began the country has been working hard to find alternative oil supplies and now seemingly feels confident enough in its backup plan.


European Commission President Ursula von der Leyen said that "(Vladimir) Putin must pay a price, a high price, for his brutal aggression,". Ms von der Leyen proposed: "This will be a complete import ban on all Russian oil, seaborne and pipeline, crude and refined.


Meanwhile, campaigners are angry by what they see as a tepid move "It is hard to bear that the EU wants to buy Russian oil for another six months while people are being murdered in Ukraine every day."


The EU's announcement was credited with soaring Brent crude prices on Wednesday morning - up more than 3% at just below $109 a barrel.

32 views0 comments