EU countries are still negotiating an oil embargo to get a sixth package of sanctions against Russia on the way. Details on the current status have now been released. The EU could ban oil shipments by ship, but exempt oil imports through pipelines.
Insiders announced this, who do not expect an agreement until Sunday at the earliest. The oil embargo could then be decided at the special summit on May 30 and 31.
Pipeline oil could continue to flow “for a period of time”.
“The idea is to break down an oil embargo into pipelines and sea supplies. The pipeline would be sidelined for a period of time to organize a replacement,” said an insider. The background includes Greek tankers delivering oil from Russia to other countries such as China. However, such deliveries could also be prevented by the to substantially increase insurance premiums for ships.
Resistance from Hungary
So far, opposition to the oil sanctions has come from Hungary, among others. The government there had said it would need some EUR 750 million in the short term to upgrade refineries and expand a pipeline transporting oil from Croatia. Hungary, but also the Czech Republic and Slovakia are heavily dependent on Russian oil. Austria has been without Russian oil since March, according to its own statements.
Source: Krone
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