EU postpones oil pipeline ban for oil boycott – Wel.nl
BRUSSELS (AP/BLOOMBERG) – The European Commission seems to be planning to delay imports of Russian oil via a large pipeline. the deadlock over a sixth sanctions package against Russia must be broken. By allowing oil to stand longer through the relevant pipeline, Brussels is meeting the objections of Hungary that do not see an oil boycott yet, according to insiders to Bloomberg press.
Brussels is expected to circulate a revised proposal on Saturday stating that oil shipments through the Druzhba pipeline will be temporarily barred from wider oil deliveries, the sources say. Proposing initially only maritime transport and later extending to Druzhba supplies once a technical solution is found that meets the energy needs of Hungary and other countries.
EU representatives met on Sunday to discuss the revised package, the sources said. A number of issues raised at EU leaders meeting Monday in Brussels to discuss Ukraine.
time
The compromise gives the EU and Hungarian Prime Minister Viktor Orban time to iron out the technicalities of the phasing out of pipeline supplies to his country. Hungary has been blocking plans to reach Russian oil for weeks. For the sanction package, the support of all is required.
The EU had planned to phase out all imports of Russian oil early next year. Hungary and Slovakia will have until the end of 2024 to comply with the requirements, the Czech Republic would have received an exception until June 2024. These countries are heavily dependent on Russian oil, but account for a small part of the EU’s total imports from Russia.
any exemption
Due to the possible exemption for an oil boycott, Russia is less hard. Russia last year sent about 720,000 barrels of crude oil per day to European refineries through its important pipeline to the region. The historical volumes are 1.6 million barrels per day from the ports on the Baltic Sea, the Sea and the ports in the north.
As part of the compromise, an agreement can also be reached, according to insiders. Greece and Cyprus also prey on exceptions.