EU nears Russia oil sanctions agreement, with carve-out for pipelines

FAN Editor

European Union members are nearing a deal on sanctions against Russian oil, but EU officials may not sign off on it due to an exception for pipeline deliveries, according to a new report.

An earlier version of the EU’s sanctions proposal called for a “complete ban” of all Russian oil imports, but a new draft would temporarily allow oil to come through pipelines.

“European Council agrees that the sixth package of sanctions against Russia will cover crude oil, as well as petroleum products, delivered from Russia into Member States, with a temporary exception for crude oil delivered by pipeline,” the proposal says, according to Politico.

Russia pipeline

E.ON, Europe’s largest operator of energy networks, rejected demands to shut down the Nord Stream 1 gas pipeline as part of sanctions against Russia for invading Ukraine, the company told Rheinische Post newspaper on Monday. (AP Photo/Dmitry Lovetsky / AP Newsroom)

An EU diplomat told the outlet that they hope “to have a political deal today.” Still, it is up to EU leaders to agree and then the Council of the EU to approve it. 

OIL PRICES REACT TO LOOMING EU BAN ON RUSSIAN OIL

On the one hand, the exemption for pipeline deliveries could turn off some European Union countries because it weakens the sanctions – especially since the exception does not have a clear endpoint, only saying “as soon as possible.” On the other hand, it could entice landlocked countries like Hungary to join because it would allow them to continue to receive oil from Russia’s pipeline, which it relies on.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Hungary had previously blocked a ban on Russian oil because it would harm their economy.

Free America Network Articles

Leave a Reply

Next Post

Gun violence by country

OAN NEWSROOMUPDATED 10:45 AM PT – Monday, May 30, 2022 As the country mourns for the innocent lives lost in recent shootings, some lawmakers are looking to immediately attack the Second Amendment. One of the latest arguments? Mass shootings only occurring in the U.S. So, is it true? One America’s […]