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EU Oil Ban Decision Possible Next Week

ENERGY

EU officials are still hopeful of an EU oil ban against Russia this month according to reports from Reuters.

  • The four officials that spoke on the matter rejected suggestions of a delay in the deal or watering down of proposals.
  • The deal has been most vocally objected by Hungary, though Bulgaria, the Czech Republic and Slovakia have also been part of the opposition.
  • One official said the deal could be as early as Monday as technical talks continue over the weekend while others expect the deal later in the week.
  • The majority of the EU will fully ban oil and products by the end of the year, Hungary have gained an exemption until the end of 2024 along with Slovakia, while the Czech Republic have until mid-2024.
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