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EU Oil Ban Still Pins Hopes on Funding

OIL

The EU are hopeful that funding provided by the bloc for nations more reliant on Russian oil will be the breakthrough required to get the oil ban over the line.

  • "We are really trying to secure that none of our member states will face security of supply issues. And this was also the reason why we added in our RePowerEU plan the list of necessary pipeline projects that will offer landlocked countries alternatives," according to EU energy commissioner Kadri Simson. "This flexibility was necessary to provide landlocked countries a chance to agree these sanctions," she said.
  • Hungary are the most vocal country opposed to the ban requiring refinery upgrades to run crudes other than Russian Urals, as well as a pipeline to bring in oil from Croatia.
  • Hungary has said it needs around 750 million euros in short term investments to withstand the embargo.
  • A number of high up EU officials as well as minsters expect a deal to be reached in the coming days. Germany has said they will enact the ban even if they are unable to get Hungary on board.

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