European Union submits russian oil embargo draft, excluding two countries, media report

European Commission submits draft EU sanctions package against russia for aggression against Ukraine

The Austrian news agency APA reports.

According to them, the oil embargo is the main component of the sixth sanctions package against russia.

A unanimous decision of the 27 EU countries is needed for adoption.

According to diplomats, the Commission passed the document to EU members.

It provides for a gradual ban on russian oil imports for six to eight months.

The document emphasizes that exceptions should be created for Hungary and Slovakia, which are heavily dependent on russian oil. They should be allowed to continue importing until the end of 2023.

According to EU diplomats, the European Commission's proposal could provoke a new dispute.

After all, the Czech Republic and Bulgaria also insist on exceptions, citing the vulnerability of their economies, which are heavily dependent on russian oil.

Hungary and Slovakia receive russian oil through the southern branch of the Druzhba pipeline, which also supplies the Czech Republic.

According to government figures, Hungary imports about 65 percent of its oil from russia, more than twice as much as the EU average (26 percent).

Hungary has threatened to veto the oil embargo if it restricts its security of supply. Slovak Economy Minister Richard Sulík stressed that his country's farewell to russian oil would take "several years."

To recap, German Economy Minister Robert Habeck said in Brussels on Monday that Germany would support the oil embargo.

In addition to the oil embargo, the European Commission's proposal also provides for new sanctions against companies.

The sanctions will affect russia's largest bank, Sberbank, as well as two other banks and television channels that spread misinformation about the war in Ukraine.

Banks should no longer be able to use the Swift international financial communication system.