Free Trial

EU Push for Oil Ban at This Weeks Summit


The EU is making a final push towards finding an agreement on the Russian oil ban as part of this week’s EU summit (30-31 May) in Brussels, but the chances of an agreement being finalised today remains mixed. To get the deal over the line, the EU is pushing for an exemption on piped flows as well as offering financial assistance to help Russian crude dependent counties upgrade pipelines and refineries to accept other crude types. Russian piped flows will be targeted at a later stage.

  • President of EU Commission Ursula von der Leyen said late last week that she did not expect an agreement at this week’s meeting while Hungary’s Orban said the discussion was off the table, but EU foreign policy chief Josep Borrell said this morning "I think that this afternoon, we will be able to offer to the heads of the member states an agreement," speaking with broadcaster France info. Hungary remain the main block to a deal being agreed.
  • Ambassadors failed over the weekend to agree on proposals to ban Russian oil. The latest amendments to the deal are focussing on banning Russian sea deliveries but exempting pipeline supplies, a move designed to appease concerns by landlocked Hungary in particular.
  • After yesterdays failed efforts to agree a deal, top EU officials have been reported as saying there is still too much detail to sort ahead of this week’s summit. Hungary is believed to be less hung up on the physical import side of the deal and more focussed on how the EU will fund upgrades.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.