Hungary Continues to Hold Up EU Ban on Russian Oil
Hungary blocked an EU proposal to ban Russian oil imports at a meeting of the EU's 27 ambassadors that ended on May 8 without an agreement, Bloomberg reported May 8, quoting "people familiar with the talks." The proposal would ban crude oil imports from Russia, phasing in the ban over the next six months, and also ban refined fuels by January. The EU offered Hungary and Slovakia until the end of 2024 to come into compliance with the bans and the Czech Republic until June 2023 to do the same, given their reliance on Russian oil, Bloomberg said.
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That compromise offer failed, though, with Hungary continuing to block the plan. “We have voted for all the sanctions packages so far, but this latest one would destroy the security of the Hungarian energy supply,” Hungarian Foreign Minister Peter Szijjarto said in a statement, Bloomberg reported. “As long as there is no solution to the problem caused by the Brussels’ proposal, we will not vote for this package."
Another EU plan would have member states banning companies and individuals from providing vessels and services, such as insurance, needed to ship oil to third countries. Greece and Cyprus have so far held this proposal up, however, seeking a delay in the vessels section until after G-7 countries adopt a similar measure, Bloomberg reported. Other elements of proposed EU sanctions measures include dropping three more Russian banks from the interbank payment system SWIFT, restricting Russian individuals and entities from buying property in the EU, imposing a ban on consulting services to Russian companies and trade in certain chemicals, and sanctioning more individuals.