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EU's Borrell Positive on Oil Ban Outcome

OIL

On the EU oil ban against Russia, EU Foreign Policy Chief Josep Borrell said to broadcaster France info this morning "We need to decide unanimously. There were tough talks yesterday afternoon, as well as this morning" before saying "I think that this afternoon, we will be able to offer to the heads of the member states an agreement.".

  • Regarding whether he thought the plans could fail surrounding Hungary’s opposition to the deal, Borrell said "No, I don't think so ... there will be an agreement in the end."
  • Hungary has been offered a two-year exemption from Russian oil piped imports, but they are seeking at least a four-year exemption and $860 million in EU funds to adapt refining infrastructure.
  • If the EU get the ban over the line this week, then the region would cut Russian crude imports by around two thirds in six months’ time. The Druzhba pipeline accounts for around one third of EU oil imports.
  • A ban on Russian seaborne imports deals much less of a blow to Putin considering vessels can be re-routed while a pipeline ban would prove far more difficult to reroute flows and likely result in significant production cuts from associated fields. As a result, the EU have been reluctant to offer pipeline exemptions for longer than two years, knowing they take the sting out of the sanctions package.
    • Energy BulletsCommodities
    Energy BulletsCommodities

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