On Wednesday, the EU unveiled a proposal for sanctions on Russia that include a phased ban on Russian oil and sanctions on the country’s biggest bank, Sberbank, that would remove it from the SWIFT international messaging system.
To get the sanctions pushed through, the EU needs the consent of all 27 of its members, but Hungary and Slovakia have both said they need to be exempt from the oil ban. Under the plan proposed by European Commission President Ursula von der Leyen, the bloc would phase out Russian oil by the end of 2022, while Hungary and Slovakia have until the end of 2023.
But Hungary has rejected the plan, arguing that it doesn’t protect the country’s energy security. “We do not see any plans or guarantees on how a transition could be managed based on the current proposals, and how Hungary’s energy security would be guaranteed,” said Zoltan Kovacs, a spokesman for the Hungarian government.
Kovacs told CNN that Hungary would need more time to phase out Russian oil. “The shortest period, we’ve been clear on that, our oil companies have been clear on that, is three to five years,” he said.
The EU is still very reliant on Russian energy, and no matter how the oil ban is done, it will have a significant impact on gas prices and Europe’s economy overall. Last year, Russian oil accounted for 27% of the EU’s imports. For Hungary and Slovakia, the reliance is incredibly high. Nearly 60% of Hungary’s oil imports in 2021 came from Russia, while Slovakia got 92% of its oil from Russia.
4 thoughts on “EU Proposes Russian Oil Ban, New Sanctions on Russian Bank”
Good luck to Europe your industry is about to be starved for energy, electricity, coal, oil, and gas.
Russia has been prodded into war by the US and Nato. Russia still guards the eastern continent from western barbarian hordes. China is going to help Russia just as it helped Korea when the East was mired in barbarian induced poverty.
There are peolle in EU Commisxiom that sre beholden to corporate interests. Who has vested interests in destroying German industry? Once damaged, it is a structural damage. and not likely mended. Many Grrman proucts are selling in China — so indirectly. this is aiming to destroy German-China trade.
There are politicians here as well that arev more interested in global power games, hoping to get decisive glibal control — total dominance. Nevet ask a question at what cost can this be achieved, and even more to the point — is it necessary? Is it all or nothing?
Zero sum seldom works. Protectionism works only when you have simething to protect. Having become deindustrialized, the country needs open trade policy until we focus in priorities and pursue proiriti goals.
Not this lazy sanction bg s
What the hell, just cut it all off now. Russia can sell it to China.
News flash: it gets COLD in Europe. I suggest the EU supply its citizens with plenty of blankets and coal-oil lamps…if the coal oil remains available.
Europe’s gonna be getting pretty dark and chilly.
Perhaps they expect that relations will be mended by next winter. But I suspect that the Russians have long memories.
Meanwhile, the people of China will be warm and snug.
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