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EU Target Split Sanctions

OIL

EU countries are working on a split oil sanction differing between shipped deliveries and those by pipeline according to Reuters sources.

  • "The idea is to split the oil embargo into pipeline and seaborne deliveries,", "Pipeline would get an exemption for some time to organise a replacement." said the source.
  • Another source said the deal could be reached ahead of next week’s EU summit though European Commissioner Ursula von der Leyen has said earlier in the week a deal won’t be reached at the summit.
  • Hungary’s Viktor Orban has said discussions about the oil ban are off the table at next weeks event.
  • It is unclear how the proposed deal differs from the exemptions already offered to Hungary allowing it to continue receiving Russian oil via the Druzhba pipeline until the end of 2024 as well as funding pledged to update the countries refining complexity.
Energy BulletsCommodities
Energy BulletsCommodities

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