Hungary Holds Up EU Deal to Sanction Russian Oil
The European Union is struggling to finalize the terms of an oil embargo on Russia amid resistance by Hungary, whose leader claimed Friday that the proposed embargo would hit his economy like an atomic bomb.
Prime Minister Viktor Orban has long cultivated close ties with Moscow and hasn’t joined other EU and North Atlantic Treaty Organization countries in trying to arm Ukraine. He is insisting on more time and EU money if Hungary is to join the rest of the bloc in transitioning away from Russian oil, diplomats say.
Hungary’s opposition means an oil-embargo deal won’t be approved on Friday, as officials had hoped, but is still possible by Monday, according to people familiar with the EU’s negotiations. All 27 member states need to agree to the sanctions package, the bloc’s sixth since Russia invaded Ukraine on Feb. 24.
However, in an updated proposal, circulated Friday by the Commission, Hungary and Slovakia were offered until the end of 2024 to cut off Russian oil imports. The Czech Republic, which has also lobbied for more time, would get until mid-2024.
https://www.wsj.com/articles/hungary-holds-up-eu-deal-to-sanction-russian-oil-11651843279
So even if there is an agreement the biggest users of Russian oil would get another two and a half years to comply. And this agreement has nothing to do with Russian natural gas shipments to Europe. Gas is not part of the proposed agreement.
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