The bloc is still trying to reach an agreement with Hungary, which is blocking the embargo. However, if this fails by Monday, the embargo on Russian oil may have to be postponed.
Representatives of several European Union countries say it may be time to consider delaying the ban on Russian oil so that they can proceed with the rest of the proposed sanctions package if the bloc cannot persuade Hungary to back the embargo. Bloomberg reported this Thursday evening, May 12.
EU diplomats said governments haven’t given up on their aim for a full package with Budapest, including a phased-in oil ban, by Monday when EU foreign ministers meet in Brussels. But the idea of refusing Russian oil is gaining support, diplomats added.
Other countries, however, are concerned that removing the oil embargo would be a sign of weakness, another diplomat said.
Recall that Hungary said that it was ready to back the embargo on sea shipments of oil and some others, but that Russian supplies through the pipeline to Hungary should be exempted from restrictions.
Earlier, the media reported that the European Commission was ready to compensate Hungary for the embargo imposed by Budapest on Russian oil supplies as part of the sixth package of sanctions against Russia for its invasion of Ukraine.