EU short of Russia sanctions – EURACTIV — RT Business News

Failure to agree on latest set of restrictions on Russia shows Brussels could soon reach its limits, reports Euractiv

The failure of EU member states to agree on a Russian oil embargo signals the bloc is reaching the limits of its ability to impose financial sanctions on Moscow, an EU diplomat told EURACTIV this week.

“If there was such a mess with Russian oil, imagine what would happen with a proposed gas ban,” the unnamed diplomat was quoted as saying, following the meeting of EU foreign ministers on Monday. “The 7th sanctions package against Moscow will be extremely difficult… We are very close to reaching our limits. What will the 7th package include? »

EU member states have failed to agree on proposals to ban imports of Russian oil, after more than 10 days of talks, with Hungary leading a group of countries resisting the measure. The planned embargo on Russian crude was part of the sixth sanctions package, proposed on May 4, over the Ukraine conflict.

Countries heavily dependent on Russian oil, including Hungary, the Czech Republic, Slovakia and Bulgaria, have repeatedly voiced their objections to a ban. The Hungarian government says an embargo would deal a crippling blow to the economy.

The diplomat told EURACTIV that although there is progress in talks with Hungary over its veto to Europe’s proposal for an embargo on Russian oil, the atmosphere indicated that “We even took a step back.”

He said Hungarian Prime Minister Viktor Orban’s stance on the issue puts other governments in a difficult position – if Budapest gets what it wants, it would be difficult for others, like Bulgaria, to explain to people why they didn’t get similar concessions.

The EU is divided on how to end Russian energy dependence. Experts say an immediate ban on oil and gas from the mainland supplier is impossible.

Europeans are already grappling with runaway inflation and soaring energy and food prices.

For more stories on economics and finance, visit RT’s business section

You can share this story on social media:


Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
Back to top button