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Ban on Russian oil imports would cross red line, says Hungary | DW News
Posted
May 30, 2022
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May 30, 2022
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1,369
1.74%
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7:14Now PlayingEuropean leaders are meeting today in Brussels to try to agree on Russian oil sanctions following Moscow's invasion of Ukraine. It's proven elusive so far, but EU representatives are attempting to hammer out an agreement on an embargo on Russian oil imports. Leaders are hoping to reach a deal on a sixth round of sanctions against Moscow.
But the two-day European Council meeting is being complicated by opposition, mainly from Hungary, which is heavily dependent on Russian oil and objects to a full ban. It says any ban on imports of Russian oil would cross a red line.
EU leaders are expected to consider a compromise which would allow Hungary to continue receiving oil via a pipeline, with sanctions only stopping shipments via sea.
The meeting will also discuss more funds to help Ukraine rebuild by confiscating Russian assets.
Meanwhile oil traders are waiting to see if a deal materializes. Crude prices have hit their highest point in more than two months.
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