The EU is in tough negotiations on a sixth package of sanctions on Russia’s war of aggression against Ukraine. At the heart of the sanctions is the ban on oil imports, which the Commission tried to get through as early as May.
The strongest opposition to the passage of the package is Hungary, which, according to the news agency Reuters, is getting through its demand that oil coming through oil pipelines be excluded from the import ban. The sanctions are set to take effect at the European Council, the EU’s summit, on Monday and Tuesday.
According to Reuters sources, oil imports would be divided into oil tankers and oil pipelines. Hungary imports about 65 percent of its crude oil needs through pipelines from Russia.
In addition to Hungary, Slovakia and the Czech Republic have called for additional time for the import ban, which was originally aimed at banning oil imports from Russia into the EU within six months and refining imports by the end of the year.
According to the Energy Organization IEA, Russia’s oil revenues have increased by 50 percent in the first half of the year compared to the previous year.
Unanimity in the 27 EU countries is required to approve the sanctions package. Hungary has already stated that it is pointless to even raise sanctions at the European Council, as no consensus can be reached. Prime Minister of the country Viktor Orban has described the realization of sanctions as an economic atomic bomb.
Chief of Staff Gergely Gulyasin according to Hungary, it will take three and a half to four years for adjustments to break free from Russian oil. Hungary estimates that it will need EUR 750 million to build the infrastructure.
Read more:
Analysis: Europe could get rid of Russia’s energy as early as this year, but it will require an even wilder green transition – this would
Germany to try to break away from Russian oil later this year – expert says problems with obtaining crude oil for inland refineries