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EU Agree Compromised Russian Oil Ban

OIL

The EU agreed “in principle” to ban Russian oil, which the commission president Ursula von der Leyen said should stop 90% of all Russian oil imports by the end of the year.

  • The deal has been watered down from original measures to have a date set to phase out piped imports but von der Leyen said “On the remaining 10%, on these we will soon return to the issue of these remaining 10% of pipeline oil”
  • Russian seaborne oil is set to be immediately banned, stopping approximately 75% of Russian oil arriving to the region, while pipeline bans by Germany and Poland will take effect at the end of the year as they set up alternative supply routes pulling the ban to 90%.
  • Russian oil will still flows through the southern Druzhba pipeline.
  • The greatest resistance towards the deal still came from Hungary’s Viktor Orban who has refused to commit to any deal that cuts the countries piped imports.
  • The compromised deal has arrived four-weeks after Von der Leyen announced plans for a total EU oil ban against Russia.
Energy BulletsCommodities
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