EU fails to agree on Russia oil embargo, to try again Monday before summit

29/5/2022 11:47:00 PM

EU fails to agree on Russia oil embargo, to try again Monday before summit

EU fails to agree on Russia oil embargo, to try again Monday before summit

BRUSSELS: The EU failed on Sunday (May 29) to agree on an embargo of Russian oil, but diplomats but will still try to make progress ahead of a Monday-Tuesday summit on an exemption for pipeline deliveries to landlocked Central European countries, officials said. However, a senior EU diplomat said there was

LinkedIn BRUSSELS: The EU failed on Sunday (May 29) to agree on an embargo of Russian oil, but diplomats but will still try to make progress ahead of a Monday-Tuesday summit on an exemption for pipeline deliveries to landlocked Central European countries, officials said.As Russia diverges from the global economy, Soviet-style scarcity looms Russian forces shelled parts of Kharkiv on Thursday for the first time in days.Copy to clipboard https://str.LinkedIn Russia successfully test-fired a hypersonic Zircon cruise missile over a distance of about 1,000km, the defence ministry said on Saturday (May 28).

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.The proposed sanctions on oil imports is part of the European Union's sixth sanctions package on Russia over its invasion of Ukraine.The Kremlin denies targeting civilians.The package includes cutting Russia's biggest bank, Sberbank, off from the SWIFT messaging system, banning Russian broadcasters from the EU and adding more people to a list of individuals whose assets are frozen and who cannot enter the EU."Russia is ready to help find options for the unhindered export of grain, including the export of Ukrainian grain from the Black Sea ports," Mr Putin told French President Emmanuel Macron and German Chancellor Olaf Scholz, the Kremlin 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.Ukraine's military said Russia was shipping in military equipment from Russian-annexed Crimea to build defences against any Ukrainian counter-attack and was mining the banks of a reservoir behind a dam on the Dnipro River that separates the forces.Slovakia and the Czech Republic have expressed similar concerns.Russia's military has suffered heavy losses of men and equipment during its three-month invasion of Ukraine, which it calls a"special operation", but it has continued to stage high-profile weapons tests to remind the world of its prowess in missile technology.

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.He said the humanitarian situation was critical in some areas and people were finding it almost impossible to leave occupied territory, with the exception of a 200-car convoy that left on Wednesday.To break the deadlock, the European Commission proposed that the ban apply only to Russian oil brought into the EU by tankers, leaving Hungary, Slovakia and Czechia to continue to receive their Russian oil via the Russian Druzhba pipeline for some time until alternative supplies can be arranged.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.PHOTO: NYTIMES On the diplomatic front, European Union officials said a deal might be reached by Sunday to ban deliveries of Russian oil by sea, accounting for about 75 per cent of the bloc's supply, but not by pipeline, a compromise to win over Hungary and unblock new sanctions.This will be discussed by EU envoys on Monday morning along with the problem of how to ensure fair competition given the higher prices that member states reliant on shipped Brent crude would face as a result of the sanctions.Source: Reuters/ec." In a telephone call with Austrian Chancellor Karl Nehammer, Putin stuck to his line that a global food crisis caused by the conflict can be resolved only if the West lifts sanctions.

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