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War in Ukraine, no EU agreement to stop Russian oil

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Some countries that rely heavily on crude oil from Moscow, such as Hungary, are against it. A compromise is still being sought in Brussels to impose new economic sanctions after the invasion of Ukraine. Which could affect energy prices across the continent

“This proposal in its current form amounts to an atomic bomb on the Hungarian economy.” In a somewhat risky comparison, Hungarian Prime Minister Viktor Orban says no to Russia’s oil embargo, showing how wide the gap is in Europe over the new sanctions the Union plans to adopt after the invasion of Ukraine. Thus, despite the efforts, Brussels again lacked the unanimity necessary to give the green light to the ban on oil imports from Moscow, as already decided by the United States and the United Kingdom, which accounts for about a quarter of the continental consumption. with substantial differences between the different countries (WAR IN UKRANE: THE SPECIAL – THE LATEST UPDATES).

Who is against the embargo?

For Italy, missing some 11 percent of its needs would mean going without; little compared to Hungary and other countries, including those without access to the sea, would have difficulties and higher costs to give up the Russian pipeline to be supplied by sea. Greece, Malta and Cyprus are also alert, concerned about their fleets: the embargo would also affect the transport of petroleum products by European ships.

Looking for a compromise

The confrontation in the Union continued despite the original proposal, which included a total ban on the purchase of crude oil from Moscow from next year, was amended. But giving Hungary and Slovakia the chance to buy it until the end of 2024, and the Czech Republic until June of the same year, was not enough for an agreement.

Moscow continues to collect

While the Kremlin applauds Orban, a deal is being sought in Europe in the coming hours. Meanwhile, the West continues to pump billions of euros into Putin’s coffers. Russia exports 45 percent of its black gold to the Union and is estimated to have received more than €20 billion from Europe for its crude oil since the war started. It is also true that blocking the supply would affect the entire continent: barrel prices could rise and with it fuel and energy prices.

Source: TG 24 Sky

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