EU countries fail to reach agreement on embargo on Russian oil

The countries of the European Union may refuse to import Russian oil by the end of this year, but not all states in the region are ready for this step. European analysts predict that energy deals, banks and individuals will also suffer from new anti-Russian sanctions. 

At the moment, the European Union is preparing the sixth package of sanctions against Russia, which will be directed against Russian oil, Russian and Belarusian banks, as well as individuals and companies. As part of these sanctions, the European Commission intends to propose a phase-out of Russian imports, in particular in the oil, gas and nuclear sectors, by the end of 2022.

However, the southern members of the European Union are concerned about the impact of sanctions on fuel prices in their own countries and are not ready to completely abandon oil and gas from the Russian Federation. In this regard, the EC suggested that Hungary and Slovakia may be offered some exceptions or transitional measures, since these countries are heavily dependent on Russian oil, and the search for alternative sources of hydrocarbons is not as effective as we would like. 

Hungary today opposes any EU embargo on the import of Russian oil and gas, which makes the position of this country the main obstacle to the further imposition of sanctions. In addition to Hungary, Austria, Slovakia, Spain, Italy and Greece are also against sanctions.