EU Fails To Agree On Russia Oil Embargo, To Try Again Monday Before Summit

Highlights
The package includes cutting Russia's biggest bank, Sberbank, off from the SWIFT messaging system, banning Russian broadcasters from the EU and adding more people to a list of individuals whose assets are frozen and who cannot enter the EU.
The whole package has been held up by Hungary, which says an oil embargo would be a body blow to its economy because it cannot easily get oil from elsewhere. Slovakia and the Czech Republic have expressed similar concerns.
Talks on the oil embargo have been going on for a month with no progress and leaders had been keen to reach an agreement for their summit to avoid looking disunited in their response to Moscow.
To break the deadlock, the European Commission proposed that the ban apply only to Russian oil brought into the EU by tankers, leaving Hungary, Slovakia and Czechia to continue to receive their Russian oil via the Russian Druzhba pipeline for some time until alternative supplies can be arranged.
Budapest supports this proposal, officials said, but talks on Sunday snagged on EU financing that Hungary wants to boost oil pipeline capacity from Croatia and to switch its refineries from using Russian Urals crude to Brent crude, officials said.
This will be discussed by EU envoys on Monday morning along with the problem of how to ensure fair competition given the higher prices that member states reliant on shipped Brent crude would face as a result of the sanctions.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
Great Deals on Used Cars
View All Used Cars









Upcoming Cars










Upcoming Bikes










Consider Exploring
Latest News
Related Articles

-7541 second ago
The Sonet likely to be launched in early 2024

-8006 second ago
The upgraded system can now learn to park in locations while the assisted parking function can now identify parking lines.

-5158 second ago
Honda Cars India achieves a milestone by delivering 200 units of the Elevate in Chennai

45 minutes ago
Tata said that the buses come with a 350-bar hydrogen storage tank, a 70 kW fuel cell as well as safety systems such as ESC.

2 hours ago
The BMW iX1 electric SUV will be launched on September 28, 2023.

2 hours ago
Hero says that it will pause taking bookings for the Karizma XMR from midnight on September 30.

3 hours ago
The five millionth Tesla, was a Model 3 Highland in Pearl White, produced at the Shanghai plant.

5 hours ago
Ford's software includes specialised algorithms for both day and night conditions, optimising brake light detection.

17 hours ago
The motorcycle is powered by a 250 cc single-cylinder engine developed from the ground up by Triumph
8 months ago
The European Commission has recommended extending 2010's Motor Vehicle Block Exemption Regulation (MVBER) for five years when it expires in 2023, with some supplementary guidelines.
8 months ago
The European Commission has recommended extending 2010's Motor Vehicle Block Exemption Regulation (MVBER) for five years when it expires in 2023, with some supplementary guidelines.

8 months ago
A bigger-than-expected build in U.S. gasoline inventories and widening COVID-19 controls in China also added downward pressure on crude prices.

8 months ago
OPEC+'s October decision to reduce production by two million barrels per day (bpd) had played an important role in stabilising global markets, Saadoun, who serves as Iraq's delegate to OPEC, said.
