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BBG: EU Members Still Debating Russia Oil Sanctions

EU

Bloomberg reporting that EU members are still debating the nature of proposed embargo on Russian oil as part of the sixth package of sanctions. The measure, involving a phased ending of Russian oil imports (see 0821BST bullet), would need approval from all 27 EU member states, a difficult task given the strong reliance of some member states on Russian oil.

  • BBG reporting that the Romanian President Klaus Iohannis has stated the gov'ts support for the phased approach to the embargo laid out by Commission President Ursula von der Leyen earlier today. Romania had relied on Russia for around 38% of its crude oil needs. However, in April the country's largest energy firm, OMV Petrom, announced it would no longer buy Russian oil.
  • However, the Hungarian gov't has already stated its reservations, even with the extended timeframe (end-2023 rather than end-2022 for a phase out) for itself and Slovakia rumoured to have been offered by the Commission.
  • BBG also reporting the EU is seeking a ban on Russian oil shipping insurance by June.
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