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EU Has Not Yet Found Agreement On Oil Embargo Against Russia, Borrell Says

  • Posted May 17, 2022 12:08 by Anthony Ellis
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INTERNATIONAL: The European Union has not yet found agreement on a sixth package of sanctions against Russia, its top diplomat Josep Borrell said after a meeting of the bloc's foreign ministers in Brussels on Monday 16th May.

Ambassadors now charged to negotiate an agreement.

EU'S FOREIGN POLICY CHIEF, JOSEP BORRELL, SAID:

"We will continue imposing sanctions on Russia to make the cost of the invasion unbearable to the Kremlin. We continue discussing. Unhappily today it has not been possible to reach an agreement to finalise the sixth sanctions package, the issue will go back to the COREPER (Committee of Permanent Representatives) and ambassadors will continue discussing. We had the same difficulties about unanimity on the oil ban."

EU foreign ministers failed on in their effort to pressure Hungary to lift its veto of a proposed oil embargo on Russia.

The EU needs all 27 states to agree to the embargo for it to go ahead.

The ban on crude imports proposed by the European Commission in early May would be its harshest sanction yet in response to Moscow's Feb. 24 invasion of Ukraine and includes carve-outs for EU states most dependent on Russian oil.

EU'S FOREIGN POLICY CHIEF, JOSEP BORRELL, SAID:

"And we went through an analysis of every way to provide financial support, in front of the worsening humanitarian situation, in front of the humanitarian needs during the war, for the post-reconstruction of the country and mainly to defend themselves. And we agreed to provide an additional 500 million from European Peace Facility for weapons deliveries. What started with 500 millions, now it reaches 2 thousand millions."

Hungary has not received any new serious proposal from the European Commission regarding oil sanctions on Russia since a visit of the Commission president to Budapest earlier this month, Hungary's foreign minister said on Monday on his Facebook page.

"The European Commission has caused a problem with a proposal so its a rightful expectation from Hungary... that the EU should offer a solution: to finance the investments and compensate for ... the (resulting) price rises which necessitates a total modernisation of Hungary's energy structure in a magnitude of 15-18 billion euros," Peter Szijjarto said.

He said another solution would be to make oil shipments via pipeline exempt from the planned embargo.


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