Under an agreement reached on Monday night, 90 percent of Russian oil imports to the EU will be halted by the end of the year. THE Politico summed it up the most important developments and political comments regarding the agreement reached under the roof at dawn.
The agreement
The oil embargo immediately applies to two-thirds of oil imports from Russia, and European Commission President Ursula von der Leyen said the austerity measures would reduce oil trade from Russia to the European Union by about 90 percent by the end of the year. The embargo also applies to crude oil and petroleum products.
According to the closing statement of the meeting, the ban on crude oil transported via the pipeline is not covered yet, so Hungary, Slovakia and the Czech Republic can continue to buy Russian oil on the southern branch of the Friendship oil pipeline. Completion of the northern wing of the pipeline was undertaken by the countries concerned by the end of the year.
The European Council added that “emergency measures” would be introduced to ensure security of supply in the event of a supply disruption.
So far, 36 percent of EU oil imports have come from Russia.
A became prime minister He commented on the news that significant progress had been made in preventing Russia from continuing to fund the brutal war, but added that pressure should not be stopped here and continued.
A Finnish Minister for European Affairs he told Politico that the agreement was vital and noted that while not perfect, it was a big step towards ending dependence on Russian fossil fuels. The work continues, he added.
Alexander De Croo Belgian Prime Minister the embargo on Russian oil was the first target of energy sanctions. Some countries had hoped to hit Russian gas after the oil ban agreement, but the Belgian leader said we need sanctions that should hurt Russia more than the European Union.
He added that the focus now needs to be on putting in place sanctions that are likely to be in place for a long time.
The Belgian Prime Minister also spoke in detail about the exceptions, with the Czech Republic, for example, being granted an 18-month exemption to have time to switch to certain refined products. Hungary needs a short time to adapt, and leaders have not yet specified how long. He confirmed that Hungary and Slovakia may even have the possibility of taking emergency measures if their oil supply is reduced due to the embargo, in which case security of supply would be guaranteed through other sources.
Viktor Orban at dawn In a Facebook post announced that an agreement had been reached and that Hungary would be exempt from the oil embargo.
Mark Rutte Prime Minister of the Netherlands agreement does not mean that Viktor Orbán won a huge victory, but he was right – writes reporting on politico.
After nearly a month of tugging, Hungary has been granted an indefinite exemption for pipeline imports, as well as a provision that allows it to be able to buy oil through shipments even if pipeline supply ceases. The whole picture includes that Hungary is in a difficult situation as their refineries operate only on Russian crude oil Said the Dutch Prime Minister, adding that Viktor Orbán was right in this sense and that Hungary had requested an exemption not only for itself but also for the Czech Republic and Slovakia.
At the same time, he emphasized that it is still a problem that Hungary is very dependent on Russian oil.
The duration of the exemption will be decided later by the leaders, and it will take an assessment of how long it will take for Hungary and the others to remodel their refineries, the Dutch prime minister added.
Mateusz Morawiecki Polish Prime Minister on the oil ban, he said it would be difficult to fight effectively against Putin’s war machine without an agreement, and diplomatic relations worked well despite prior pessimism.
The issue of the oil embargo overshadowed some of the energy issues that would also be the task of the two-day session, such as RePowerEU, which could make the disconnection from Russian gas by 2030, and the issue of high energy prices. Only 30 minutes were devoted to these important matters on Monday. But the session will resume this morning at 9:30 a.m., when EU leaders can return to it again.
As for market effects, it is oil prices are rising in the news this morning.
Cover image: Getty Images
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