Oil embargo agreement against Russia to be signed by end of May – Reuters

The European Union intends to adopt the document, despite the dependence on Russian oil in Bulgaria, the Czech Republic, Hungary and Slovakia.

The European Union is still trying to agree on the introduction of a phased embargo on Russian oil , which is part of the sixth package of sanctions against the Russian Federation due to the unleashed war in Ukraine. Despite concerns about deliveries to Eastern Europe, an agreement could be concluded before the end of May.

This was reported to Reuters on Friday, May 13, by four high-level EU diplomats.

As you know, the European Commission proposed to abandon Russian oil in early May – in response to Russia’s invasion of Ukraine. However, dependence on Russian oil in Bulgaria, the Czech Republic, Hungary and Slovakia creates an obstacle to the embargo agreement.

“There will be a deal,” a senior EU diplomat told the agency, noting that there is flexibility in the proposed transition and investment levels for countries dependent on Russian oil that will need to find other sources of supply.

A second high-ranking diplomat said that an agreement could be reached as early as Monday, May 16, when EU foreign ministers meet in Brussels.

A third diplomat said that there is a possibility of reaching an agreement later, but within the next week. “This will be decided at the highest political level – between Budapest and Brussels. I am an optimist,” the diplomat said.

According to the agreement, most EU countries will have to fully implement the Russian oil embargo by the end of 2022, Hungary by the end of 2024, Slovakia and the Czech Republic by mid-2024.

Recall, Ukrainian Foreign Minister Dmitry Kuleba believes that the introduction of an oil embargo against Russia, which is included in the sixth sanctions of the EU package, will take place soon.

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