EU ambassadors fail to agree embargo on Russian oil
According to Reuters, the decision to impose an embargo slows down the concerns of Hungary, the Czech Republic, Slovakia and Bulgaria. It will be discussed again on May 5
The ambassadors of the — EU member states did not reach an agreement on an embargo on Russian oil, they will try to agree on it again on Thursday, May 5, according to a Reuters source.
The interlocutor of the agency indicated that Bulgaria, Hungary, Slovakia and the Czech Republic expressed their concerns due to restrictions on oil. Bloomberg sources also said that a Hungarian representative objected to the embargo, while Greece, Malta and Cyprus raised the issue of banning oil transportation between third countries, saying that this move would simply help competitors from Europe.
According to diplomats, EU ambassadors intend to approve the package by the end of the week, as a last resort— until May 9.
Earlier, the head of the European Commission, Ursula von der Leyen, said that the EU plans to abandon crude Russian oil within six months, and imports of refined products— by the end of this year.
Reuters and Bloomberg sources reported that, as part of the new package of sanctions, the EU also proposes to ban European courts and companies from providing services related to the transportation of Russian oil, including in the field of insurance. Bloomberg pointed out that this is an important point, since 95% of tanker liability insurance contracts are carried out through the International Group of Mutual Insurance Associations (Clubs), which is registered in London and must comply with European law.
Read on RBC Pro Pro x The Economist Butter or guns: how increased defense spending affects the economy Articles Pro Amazon: crazy ideas that paid off. Investor's Digest Pro Why the elections in France are the first alarm signal for investors The Hungarian side would like it not to apply to the import of crude oil through pipelines, he explained.
German Economy Minister Robert Habek noted that Berlin would support the embargo on Russian oil.
In the Kremlin, the possible The oil embargo is seen as a “hit everyone” solution, as the ban would negatively impact the continent's energy balances and lead to changes in the global oil market.
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