July 5, 2022

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The European Union has failed to ban Russian oil

The European Union has failed to ban Russian oil

Brussels (Reuters) – Despite last-minute efforts ahead of a summit in Brussels on Monday, the European Union (EU) has failed to agree on a ban on Russian oil imports. Europe.
The draft final report of the summit showed that the leaders of the 27 EU countries would agree in principle to the oil embargo, but would postpone the details and tough decisions later.
More than three months after the start of the conflict, the EU has imposed five sanctions on Russia, signaling unprecedented speed and solidarity in light of the complexities of the process.
But over the weeks, agreements on oil sanctions have been tough as many countries have relied on Russian crude.
When he arrived at the two-day summit, he said, “there is no compromise at this stage,” said Hungarian Prime Minister Viktor Orban, the country’s main opponent of the deal.
This was confirmed by European Commission President Ursula van der Leyen, who proposed the latest sanctions in early May, saying, “We have not yet reached that level.”
These include cutting Sberbank, Russia’s largest bank, from the SWIFT organization for international payments, banning Russian radio and television stations from entering the EU, and placing others on the list of individuals with assets. Has frozen.
But a senior European Commission official said the entire package, including the oil embargo, must be agreed at once.
Estonian Prime Minister Gaia Gallus said it was realistic to reach an agreement on the Russian oil embargo in a few weeks, adding that she hoped it would be implemented at the forthcoming EU summit on June 23-24.
A draft final report viewed by Reuters, subject to re-examination, confirms that the sixth set of EU sanctions includes a ban on maritime oil imports. Czech Republic. Non-beach.
But one definite outcome of the summit could be the leaders’ support for the EU debt package of 9 billion euros so that Ukraine can run and pay its government for two months.
The draft showed that EU leaders would support the creation of an international fund to rebuild Ukraine after the war, without elaborating, they would like to discuss the possibility of confiscating frozen Russian assets for this purpose.
As the Russian navy halts normal sea routes, the leaders will promise to expedite work to help Ukraine transport its grain out of the country by train and truck to world buyers.
The draft shows that leaders are willing to explore ways to control rising energy prices, including setting temporary price limits, cutting the red tape for the introduction of renewable energy sources, and investing in national energy phases across the border to increase state aid.

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