The European Union has proposed a revision of the embargo on Russian oil, which would give Hungary and Slovakia another year, by the end of 2024, to comply with sanctions.
According to Bloomberg sources, the Czech Republic will also receive an exemption by June 2024. All other Member States will phase out their imports by the end of this year, as originally proposed.
Hungarian Prime Minister Viktor Orban said earlier today that he was opposed to the EU’s original proposal to ban Russian oil, saying it was tantamount to a “nuclear bomb” falling on his country’s economy.
In fact, he said he had asked for a five-year exemption from the oil embargo.
Under the EU plan, European companies and individuals will be barred from providing ships and services, such as insurance, needed to transport oil to third countries.
According to the review, this measure will start now in three months from the time the new sanctions will be implemented, compared to the one month that was originally planned, the sources say.
EU ambassadors will meet this morning to discuss the revised proposals, and negotiations are expected to be tough and last all day, according to Bloomberg sources.
Source: Capital
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