EU not ready to agree Russia oil ban, leaders say

30/5/2022 6:40:00 PM

EU not ready to agree Russia oil ban, leaders say

European Union, Russia Oil Embargo

EU not ready to agree Russia oil ban, leaders say

BRUSSELS, May 30 — European Union leaders will fail to agree on a Russian oil ban at a summit today and tomorrow in Brussels, leaders said as they arrived, adding that weeks of...

Monday, 30 May 2022 9:43 PM MYTBRUSSELS, May 30 — European Union leaders will fail to agree on a Russian oil ban at a summit today and tomorrow in Brussels, leaders said as they arrived, adding that weeks of haggling over the matter were not over even if they were hopeful for a deal later.

For sure, the leaders are set to agree in principle over a ban, a draft text showed, but they will leave all the details and hard decisions for later.“We’re not there yet,” European Commission President Ursula von der Leyen said.Estonian Prime Minister Kaja Kallas said it was more realistic to expect an agreement next month.

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for the latest news you need to know.for the latest news you need to know.for the latest news you need to know.A BRUSSELS (May 30): European Union (EU) leaders are due to agree at a summit later on Monday (May 30) that the sanctions package under preparation should include an embargo on Russian oil imports as punishment for Moscow invading Ukraine, but exempt pipeline crude deliveries.

Monday, 30 May 2022 9:43 PM MYT BRUSSELS, May 30 — European Union leaders will fail to agree on a Russian oil ban at a summit today and tomorrow in Brussels, leaders said as they arrived, adding that weeks of haggling over the matter were not over even if they were hopeful for a deal later. For sure, the leaders are set to agree in principle over a ban, a draft text showed, but they will leave all the details and hard decisions for later. However, a senior EU diplomat said there was “still too much detail to sort out” to hope for an agreement before European Union leaders gather in Brussels on Monday afternoon. “We’re not there yet,” European Commission President Ursula von der Leyen said. “It would already be an important step if the EU Council gave the Commission the go-ahead” to study the mechanism of a price cap, Gentiloni said. Estonian Prime Minister Kaja Kallas said it was more realistic to expect an agreement next month. The package includes cutting Russia’s biggest bank, Sberbank SBMX. “I don’t think we’ll reach an agreement today. Subscribe to Mid-day email alert We deliver news to your inbox daily.

We’ll try to reach an agreement by the summit in June, this is the realistic approach by now,” Kallas said. The whole package has been held up by Hungary, which says an oil embargo would be a body blow to its economy because it cannot easily get oil from elsewhere. EU leaders gathering in Brussels will try to agree on Russian oil import sanctions, seeking to avoid a display of disunity over the bloc’s response to the war in Ukraine. The next summit is scheduled for June 23-24. Some complained harshly over the lack of deal. Talks on the oil embargo have been going on for a month with no progress and leaders had been keen to reach an agreement for their summit to avoid looking disunited in their response to Moscow. “We’re getting a little bogged down in all of the details and we’re forgetting the big picture,” Latvian Prime Minister Krisjanis Karins said. — Reuters Advertisement. “It’s only money, the Ukrainians are paying with their lives,” he said, adding: “We can and we must support them, if only out of self interest because only when Russia is defeated can we in Europe feel safe. Budapest supports this proposal, officials said, but talks on Sunday snagged on EU financing that Hungary wants to boost oil pipeline capacity from Croatia and to switch its refineries from using Russian Urals crude to Brent crude, officials said.

” A draft text seen by Reuters — which may still be revised again — would confirm that an eventual sixth package of EU sanctions will include a ban on seaborne oil imports, with pipeline oil supplied to landlocked Hungary, Slovakia and the Czech Republic to be sanctioned at some later point. However, the leaders will not finalise a deal on this now but, instead, they will ask diplomats and ministers to find a solution that would also ensure fair competition between those still getting Russian oil and those cut off. — Reuters Advertisement. Belgian Prime Minister Alexander De Croo said “these are not easy decisions,” adding: “I have no doubts that within the next days, the next weeks, decisions will be taken.” With Hungary being the main holdout on a deal on a Russian oil ban, its prime minister, Viktor Orban, said as he arrived at the EU summit that things were not looking good on an oil embargo. “There is no compromise for this moment at all,” Orban said.

“We are ready to support the package... if there are solutions for the Hungarian energy supply security, we haven’t got that now.” One tangible outcome of the summit should in any case be agreement on a package of EU loans worth €9 billion (RM42 billion), with a small component of grants to cover part of the interest, for Ukraine to keep its government going and pay wages for about two months.

However, a decision on how to raise the money will be made later. — Reuters Advertisement .