Hungary Holds Up EU Plan To Ban Russian Oil

Hungary holds up EU plan to ban Russian oil

Brussels, (UrduPoint / Pakistan Point News - 14th May, 2022 ) :The European Union's hopes to quickly impose a ban on Russian oil imports could be dashed after Hungary demanded expensive guarantees for its own fuel supplies, diplomats say.

"I am sure we will have an agreement -- we need this agreement, and we will have it," EU foreign policy chief Josep Borrell told reporters Friday in Germany as G7 ministers met.

But he added if EU diplomats could not overcome resistance among certain member states, then foreign ministers meeting Monday in Brussels would need to "provide the political impetus".

The European Union has already imposed five rounds of sanctions against the Russian economy and individuals in President Vladimir Putin's inner circle in response to the invasion of Ukraine.

A sixth round would add some Names to the sanctions list and hit some Russian media outlets, but most importantly include a ban on Russian crude oil imports.

EU chief Ursula von der Leyen's European Commission has drawn up a proposed text for such a package, but this needs unanimous approval of all 27 EU member states.

Hungary is holding out, and several of its neighbours who are also highly dependent on Russian crude for their oil refineries are reluctant to sign up.