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Nairaland Forum / Nairaland / General / Politics / Foreign Affairs / EU Leaders Agree To Ban Majority Of Russian Oil Imports (12244 Views)
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EU Leaders Agree To Ban Majority Of Russian Oil Imports by Igbofam2: 8:17am On May 31, 2022 |
EU leaders have struck a deal to ban most Russian oil imports as they seek to deprive Russia’s president Vladimir Putin of revenues to fund his war in Ukraine. The embargo, which was agreed after weeks of difficult negotiations, will include oil and petroleum products but contains a temporary exemption for oil delivered from Russia by pipeline. This was intended to grant Hungary, Slovakia and the Czech Republic extra time to wean themselves off crude oil supplies from Russia. The agreement signed late on Monday night paved the way for the EU to enact a heavily delayed sixth package of sanctions, which includes measures to hit Russian banks and individuals. The deal followed a stand-off on the oil embargo between the commission and Hungary, which complained Brussels was failing to consider the country’s energy security needs given its reliance on the Russian Druzhba pipeline. Charles Michel, president of the European Council, hailed the deal, writing on Twitter that it would cut “a huge source of financing for [Russia’s] war machine” and would deliver maximum “pressure on Russia to end the war”. The ban will include seaborne oil purchases, which cover about two-thirds of Europe’s imports from Russia. In addition, pledges from Germany and Poland to stop oil imports via the northern part of the Druzhba pipeline are expected to take coverage of the ban to 90 per cent by the end of the year. European governments have not settled on how long the carve-out of Russian oil supplied via pipeline will last, declaring only that it will be “temporary” and that they will return to the matter as soon as possible. Keeping pipelines out of any initial embargo was a crucial demand for Hungary, which had argued that a ban would put its economy at risk because of its dependence on Russian crude. Viktor Orbán, Hungary’s prime minister, also secured measures to ensure that Budapest could still obtain Russian oil from other sources if there was an “accident” with Druzhba, which crosses Ukraine. Asked about the length of the temporary carve-out, Ursula von der Leyen, commission president, said it was “very clear” that member states would revert to this topic. Croatia, she said, could expand the capacity of its Adria pipeline, which runs from the Adriatic Sea, to provide supplies of crude to Hungary. She added that it was helpful to offer extra time to Hungary so that the country could “really switch off” Russian oil. The partial ban risks distorting competition in the EU oil market, with refineries connected to pipelines from Russia enjoying a price advantage. The price of Russian oil has fallen sharply as European traders have shunned the country’s seaborne crude. Russian Urals crude is trading at about $93 a barrel, compared with $120 for Brent, the international oil benchmark. While Russian oil delivered via Druzhba may not carry such a big discount, depending on how contracts are structured, Hungarian oil group Mol has said it has enjoyed “skyrocketing” margins for its refineries since March because of the “widening Brent-Ural spread”. The conclusions from the summit said member states would need to ensure the final sanctions package, which will be settled by EU ambassadors in the coming days, provided for a “well-functioning EU Single Market, fair competition, solidarity among Member States and a level playing field”. The measures are expected to include a prohibition on the re-export of Russian crude arriving via pipeline. There will also be a ban on the resale of refined products from Russian crude as part of efforts to minimise market distortions. This will kick in after eight months, although the Czech Republic will receive a longer, 18-month grace period. The west must hold its nerve on Ukraine The sanctions package also includes the ejection of Sberbank from the Swift global payments system as well as restrictions on more state-owned Russian broadcasters and asset freezes and travel bans on individuals. There will also be a ban on the provision of a range of services to Russian companies. Brussels proposed the embargo on buying Russian oil in early May, underlining the EU’s difficulties in finding a way to increase its punishment on Moscow while not damaging parts of the European economy that depend on Russian energy. The EU has already banned Russian coal but has exempted gas from sanctions. Gazprom, the Russian state-owned energy company, has nevertheless cut supplies to Poland, the Netherlands and Bulgaria for refusing to pay for gas in roubles. https://www.ft.com/content/acc55aee-1b63-4f23-b52d-41fe661b0714 4 Likes 1 Share
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Re: EU Leaders Agree To Ban Majority Of Russian Oil Imports by Kelvin3476: 10:51am On May 31, 2022 |
PUTARDS MUST HEAR THIS. 8 Likes 1 Share |
Re: EU Leaders Agree To Ban Majority Of Russian Oil Imports by Kelvin3476: 10:52am On May 31, 2022 |
Putards come an see another propaganda + fake news. 14 Likes 1 Share |
Re: EU Leaders Agree To Ban Majority Of Russian Oil Imports by Igbofam2: 10:56am On May 31, 2022 |
Removing Sberbank from the Swift banking network automatically affects 100 million Russians who are on their system. Sberbank is the biggest bank in Russia. 32 Likes 2 Shares |
Re: EU Leaders Agree To Ban Majority Of Russian Oil Imports by RepoMan007: 11:22am On May 31, 2022 |
Again they are blocking a food and energy giant. Ii will affect the west as much as Russia. 21 Likes 2 Shares |
Re: EU Leaders Agree To Ban Majority Of Russian Oil Imports by Igbofam2: 11:28am On May 31, 2022 |
RepoMan007: It wouldn't 6 Likes 1 Share |
Re: EU Leaders Agree To Ban Majority Of Russian Oil Imports by Elvictor: 11:48am On May 31, 2022 |
25 Likes 1 Share |
Re: EU Leaders Agree To Ban Majority Of Russian Oil Imports by Igbofam2: 11:54am On May 31, 2022 |
25 Likes 3 Shares |
Re: EU Leaders Agree To Ban Majority Of Russian Oil Imports by KillerCrocodile: 12:29pm On May 31, 2022 |
Good News........ Good Move. They must pull their cash from Putin's War machine. 17 Likes 1 Share
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Re: EU Leaders Agree To Ban Majority Of Russian Oil Imports by Kingsnairaland(m): 12:52pm On May 31, 2022 |
It does not matter because Russia will cut off any one who refuses to pay in rubles . 30 Likes 1 Share
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Re: EU Leaders Agree To Ban Majority Of Russian Oil Imports by Kingsnairaland(m): 12:54pm On May 31, 2022 |
What actually has Russia done to European Union, that wants to make them to collapse their own economy, . Why should the West hate Russia so much? You said democracy and Free World. Russia has never stood against your System of Governance. What then is your beef if Russians practise Cannibalism as a form of Government? Paddle your own canoe. Is it not sad for 30 EU countries and America to be fighting single Russia?. Where is our moral values in the world, You accused Russia of the very crimes you commit everyday around the world. Until this morning Libya has no standing and functional Government because of your democracy and freedom. Look at Iraq, Syria and Afghanistan. Where are they going?......... This war is because nato wants to expand toward Russia and to gently surround great mother Russia... NATO is an evil organization.... They caused this war and usa said the purpose they caused the war is to weaken Russia... The west don't care about those people in Ukraine that are losing their life....The west with its imperial mindset is a threat to humanity............ .............. What is imperial attitude? A country has an imperialistic attitude when it is actively trying to expand its geographic, and therefore political, influence. God bless putin God bless mother Russia. 71 Likes 9 Shares |
Re: EU Leaders Agree To Ban Majority Of Russian Oil Imports by Kingsnairaland(m): 12:59pm On May 31, 2022 |
RepoMan007: Exactly Russia Block sunflower oil from Ukraine to get to USA this caused USA to run out of baby food lol. 28 Likes
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Re: EU Leaders Agree To Ban Majority Of Russian Oil Imports by Igbofam2: 1:00pm On May 31, 2022 |
Kingsnairaland: RUBBISH!!! You would have made more sense if you had simply posted your usual FAKE NEWS under the OP 20 Likes 2 Shares
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Re: EU Leaders Agree To Ban Majority Of Russian Oil Imports by Kingsnairaland(m): 1:02pm On May 31, 2022 |
Igbofam2: I know we hurt you when we call out your bullshit. When we see real news we will make reasonable contributions to it which you know. Don't cry brother. God bless putin God bless mother Russia. 26 Likes 3 Shares
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Re: EU Leaders Agree To Ban Majority Of Russian Oil Imports by ofemigeorge(m): 1:09pm On May 31, 2022 |
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Re: EU Leaders Agree To Ban Majority Of Russian Oil Imports by Sunofgod(m): 1:09pm On May 31, 2022 |
Hunger games,...... |
Re: EU Leaders Agree To Ban Majority Of Russian Oil Imports by LordEclipse: 1:09pm On May 31, 2022 |
Still almost all of them still buy gas from Russia..mumu men and women.. 11 Likes 1 Share |
Re: EU Leaders Agree To Ban Majority Of Russian Oil Imports by seunny4lif(m): 1:10pm On May 31, 2022 |
To ban this year? I thought they will ban it immediately from pipelines? Nigeria should be cashing out like Saudi, Norway and Russia but since what will export are raw oil and we import same amount as refined oil then we have failed as a nation. WTF ![]() Fuel price is 174.00P meaning by June ending even with Government massive billions on subsidy fuel price will hit 3 Pounds ![]() It’s time to drive to Hungary and buy fuel because Hungary have the cheapest fuel price in EU thanks to Hungary government deal with Russia. 7 Likes 2 Shares |
Re: EU Leaders Agree To Ban Majority Of Russian Oil Imports by Acjjst: 1:10pm On May 31, 2022 |
K
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Re: EU Leaders Agree To Ban Majority Of Russian Oil Imports by chukwuibuipob: 1:10pm On May 31, 2022 |
![]() ![]() ![]() ![]() All Putin slaves are IdIOTS and SENSELESS ![]() 1 Like |
Re: EU Leaders Agree To Ban Majority Of Russian Oil Imports by Originality007: 1:10pm On May 31, 2022 |
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Re: EU Leaders Agree To Ban Majority Of Russian Oil Imports by organicfoods(m): 1:10pm On May 31, 2022 |
W |
Re: EU Leaders Agree To Ban Majority Of Russian Oil Imports by pol23: 1:11pm On May 31, 2022 |
Ban and sanctions won’t solve this war and you know it. Russia is even doing better with the ban and sanctions. Poor Ukrainian will suffer for nothing. Putin is hell bent on destroying Ukraine and Zelensky allowing his country to be used for proxy war. 9 Likes |
Re: EU Leaders Agree To Ban Majority Of Russian Oil Imports by Earlystar698(m): 1:11pm On May 31, 2022 |
West |
Re: EU Leaders Agree To Ban Majority Of Russian Oil Imports by Guyman02: 1:11pm On May 31, 2022 |
India is now importing 25X more oil from Russia this year. The Ukraine war is between the International Community (western countries) and the Global Majority (Rest of the world) There's food crisis in the West and baby food shortages in America because Ukraine has put antiship mines in the Black sea and grains can't be exported. Russian Ruble is trading at a 7 year high and Euro is down leading to 50 year record inflation in Germany, the EU is simply cutting off its nose to spite it's face 17 Likes 3 Shares |
Re: EU Leaders Agree To Ban Majority Of Russian Oil Imports by Nova1988(m): 1:12pm On May 31, 2022 |
is that all? ![]() GOD bless Putin and mother Russia! 16 Likes 3 Shares |
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