EU to pledge support for Ukraine, but not ready with new Russia sanctions

30/5/2022 4:59:00 AM

EU to pledge support for Ukraine, but not ready with new Russia sanctions

Russia's invasion and how to deal with the conflict's impacts: high energy prices, an impending food shortage and the EU's defence needs.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.LinkedIn MELBOURNE : Oil prices rose to two-month highs on Monday as traders waited to see if the European Union would reach an agreement on banning Russian oil ahead of a meeting on a sixth package of sanctions against Moscow for its invasion of Ukraine.Copy to clipboard https://str.

But draft conclusions of the meeting, seen by Reuters, showed that while the EU will be generous with verbal support for the government in Kyiv, there will be little in terms of new decisions on any of the main topics."After Russia's attack on Ukraine, we saw what can happen when Europe stands united.The proposed sanctions on oil imports is part of the European Union's sixth sanctions package on Russia over its invasion of Ukraine.With a view to the summit tomorrow, let's hope it continues like this.89 a barrel at 0111 GMT, while U.But it is already starting to crumble and crumble again," German Economy Minister Robert Habeck said on Sunday.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.The most tangible will be the leaders' political backing for a 9 billion euro package of EU loans, with a small grants component to cover part of the interest, so that Ukraine can keep its government going and pay wages for around two months.Hungary is dependent for 65 per cent of its oil needs on Russian crude supplied via the Druzhba pipeline, which runs from Russia to various points in eastern and central Europe.

But even there, the decision will be only made later, after the European Commission makes a proposal on how to raise the money.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.5 per cent, to $115.Despite efforts since the start of May, EU governments cannot agree on the sixth package of sanctions against Moscow because one of the elements - an embargo on buying Russian oil - is not acceptable to Hungary and a big problem for Slovakia and the Czech Republic.Other elements, such as disconnecting Russia's biggest Sberbank from the Swift messaging system, banning Russian broadcasters from the EU and adding more people to a list whose assets are frozen and who cannot enter the EU, are all held up by the lack of agreement on the oil ban.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.The draft summit conclusions showed EU leaders will back the creation of an international fund to with no details, and want to look into the possibility of confiscating frozen Russian assets for that purpose."I don't think it would be a stretch to assume that speculators are positioning for a post-EU summit oil market bounce," said SPI Asset Management managing partner Stephen Innes.But the careful phrasing is deliberate because the issue is legally difficult, officials said.Source: Reuters/ec.The compromise solution put to national negotiators on Sunday consists in excluding the Druzhba pipeline from a future oil embargo and only imposing sanctions on oil shipped to the EU by tanker vessel, European sources said.

The leaders will pledge to accelerate work to help Ukraine move its grain out of the country to global buyers via rail and truck as the Russian navy is blocking the usual sea routes and to take steps to faster become independent of Russian energy.The draft showed leaders are ready to explore ways to curb rising energy prices, including the feasibility of introducing temporary price caps, to cut red tape on rolling out renewable sources of energy and invest in connecting national energy networks across borders to better help each other.If agreed, a deal would allow Hungary, Slovakia and Czechia to continue to receive their Russian oil via the Druzhba pipeline for some time until alternative supplies can be arranged.More On This Topic.

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EU fails to agree on Russia oil embargo, to try again Monday before summitBRUSSELS: 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 cause they realized that they are all just a bunch of hypocrites who cared more about profits than the environment or the war.

Oil climbs ahead of EU meeting on Russia sanctionsMELBOURNE : Oil prices rose to two-month highs on Monday as traders waited to see if the European Union would reach an agreement on banning Russian oil ahead of a meeting on a sixth package of sanctions against Moscow for its invasion of Ukraine.Brent crude futures gained 46 cents, or 0.4 per cent, to $11

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