Oil & Gas

30 May 2022

EU’s Borrell Hopeful of Deal on Russian Oil Ban

30 May 2022  by   

High Representative of the European Union for Foreign Affairs and Security Policy Josep Borrell attends a news conference after Russia's invasion of Ukraine, in Brussels, Belgium, February 28, 2022. REUTERS/Yves Herman/File Photo

European Union members should be able to reach an agreement on a new sanctions package against Russia, including imposing restrictions on Russian oil imports, during talks being held by officials, the bloc's foreign policy chief said on Monday.

"We need to decide unanimously. There were tough talks yesterday afternoon, as well as this morning", Josep Borrell told broadcaster France Info, adding: "I think that this afternoon, we will be able to offer to the heads of the member states an agreement."

European Union governments failed to reach an agreement on an embargo on Russian oil on Sunday as they seek to prepare an agreement in time for an EU summit on Monday afternoon.

Asked if plans to include a ban to import Russian oil could fail over the resistance from Hungary and other eastern European states, Borrell said: "No, I don't think so ... there will be an agreement in the end."

A proposal under discussion among EU countries on Sunday evening would ban Russian oil delivered to the EU by sea by the end of the year but exempt oil delivered by the Russian Druzhba pipeline, which supplies Hungary, Slovakia and Czechia.

"We have to take the individual circumstances of everybody (EU member) into account," Borrell said, adding that a EU-wide solution should give the three countries which accounted for 7% to 8% of Russian oil imports "more time to adjust."


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