EU may have reached agreement on partial Russian oil embargo 'in principle'

30th May 2022 14:34

(Sharecast News) - European Union leaders have reached an agreement on a partial embargo on imports Russian oil, although the deal is not expected to be finalised until in a few weeks' time, possibly in June.

According to a draft seen by Reuters, EU leaders will agree to a deal "in principle" at Monday's European Council meeting.

Although the draft was subject to revisions, as it now stood it committed the bloc to adopting a ban on seaborne oil imports from Russia as part of the EU's sixth sanctions package.

That would thus exclude imports through pipelines by Hungary, Slovakia and the Czech Republic, whose economies are especially reliant on their eastern neighbour.

European Commission President, Ursula von der Leyen, was cautious, reportedly saying that "we're not there yet [...] but I'm confident that thereafter there will be a possibility".

Estonia's prime minister, Kaja Kallas, said an agreement at the June council meeting was more realistic while Belgium's PM, Alexander De Croo, said "there are not easy decisions [...] I have no doubts that within the next days, the next weeks, decisions will be taken."