July 6, 2022

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EU summit agrees to ban and import Russian oil

EU summit agrees to ban and import Russian oil

Record gas futures decline amid weak trade

EU leaders are set to agree on Monday that Russia’s oil imports should be banned as a punishment for Moscow’s invasion of Ukraine, in addition to pipelines.

But the leaders, who could not accept all the details of the oil embargo, said they would drop the final deal on the package until later, Reuters news agency reported.

“The European Council acknowledges that the Sixth Sanctions against Russia include crude oil and petroleum products supplied by Russia to member states. The result was read.

The draft added: “Therefore, the Council of Europe urges that the final version be prepared and approved without delay to ensure fair competition and equal opportunities in the EU’s single market, and to ensure unity among member states.”

The draft added that the 27 member states of the European Union would “soon resolve the issue of temporary exemptions for piped crude oil”.

It comes at a time when gas prices in Europe are falling as record-breaking futures in the soft trade fall, following the failure of EU member states yesterday to accept a revised set of sanctions related to Moscow’s invasion of Ukraine.

June contracts, which expire today (Monday), fell 1 percent to 86 euros per megawatt-hour at 9:28 am Amsterdam time. July contracts also fell 0.8 percent.

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