EU summit, no agreement on oil due to veto Hungary

Energy EU Council gray smoke the proposals in May

(Finance) – No agreement on the EU embargo on Russian oil. The meeting of the ambassadors of 27 (Coreper)which met to finalize an agreement in principle on the sixth package of sanctions, in view of the European Council which kicks off today, did not find the long-awaited agreement on the blocking of imports of crude oil from the end of the year, not even with the provision of exemption to the import of crude oil from the Druzhba pipeline, which it favors in particular Hungary. It was precisely the latter a reiterate the veto.

And so the attempt to reach a preliminary agreement before the European summit, which will have to launch the sixth package of sanctions against Russia and take defensive decisions on energy and foodstuffs, has failed.

Agreement found instead on the confiscation of Russian assets for the purpose of reconstruction of Ukraine. “The European Council – reads the draft – supports further options in line with the active exploration of international and EU law, including options aimed at using frozen Russian assets to support the reconstruction of Ukraine”.

Green light also to elaboration of an emergency plan to stop Russian gas. “Preparation for possible major supply disruptions and the resilience of the EU gas market should be improved, in particular by rapidly agreeing bilateral solidarity agreements and a coordinated European emergency plan,” reads the draft, adding “the filling of the storage before next winter should be accelerated”.

The Twenty-seven also say they are united in “quickly continue the work for optimizing the functioning of the European electricity market so that it resists future price volatility, provides affordable electricity and is fully suited to a decarbonised energy system. ” “the feasibility of introducing temporary price caps” is assessed to curb the rise in energy prices.

The European Council, in condemning “Russia’s illegal appropriation of the agricultural production in Ukraine“urges Moscow to”put an end to its attacks on transport infrastructure in Ukraine, lift the blockade of Ukrainian Black Sea ports and allow exports of food, especially from Odessa. “” The European Union is taking active measures to facilitate agricultural exports of Ukraine and to support the Ukrainian agricultural sector in view of the 2022 season “.

Agreement reached on a new 9 billion loan to Ukraine. “The European Union will continue to support the Ukrainian government in its urgent liquidity needs together with its G7 partners” and “also continues to commit to strengthening Ukraine’s ability to defend its territorial integrity and sovereignty” including the offer of “military support to Ukraine under the European Peace Fund”.

(Photo: © andreykuzmin / 123RF)

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