Berliner Boersenzeitung - EU struggles to clear path to Russian oil ban

EUR -
AED 4.314393
AFN 76.939193
ALL 96.39895
AMD 448.403333
ANG 2.103039
AOA 1077.124807
ARS 1689.430346
AUD 1.769643
AWG 2.117249
AZN 2.00152
BAM 1.954765
BBD 2.365048
BDT 143.504005
BGN 1.955623
BHD 0.442814
BIF 3483.916871
BMD 1.174618
BND 1.513898
BOB 8.143687
BRL 6.361611
BSD 1.174278
BTN 106.500601
BWP 15.508655
BYN 3.434081
BYR 23022.512028
BZD 2.361649
CAD 1.618582
CDF 2642.890545
CHF 0.935994
CLF 0.027368
CLP 1073.63589
CNY 8.277826
CNH 8.273762
COP 4491.77432
CRC 587.388938
CUC 1.174618
CUP 31.127376
CVE 110.651685
CZK 24.329154
DJF 208.752807
DKK 7.46998
DOP 74.412456
DZD 152.31039
EGP 55.710722
ERN 17.619269
ETB 182.764114
FJD 2.648
FKP 0.878906
GBP 0.878479
GEL 3.180687
GGP 0.878906
GHS 13.513925
GIP 0.878906
GMD 86.310048
GNF 10207.430237
GTQ 8.995236
GYD 245.671992
HKD 9.141259
HNL 30.93062
HRK 7.532001
HTG 153.858522
HUF 384.26099
IDR 19576.182932
ILS 3.773871
IMP 0.878906
INR 106.563514
IQD 1538.285374
IRR 49463.162696
ISK 148.201747
JEP 0.878906
JMD 187.660621
JOD 0.832783
JPY 182.410538
KES 151.42007
KGS 102.720408
KHR 4703.169944
KMF 493.339674
KPW 1057.155797
KRW 1725.9952
KWD 0.36042
KYD 0.978573
KZT 605.659263
LAK 25445.524879
LBP 105155.513068
LKR 363.087721
LRD 207.260242
LSL 19.701966
LTL 3.468342
LVL 0.710515
LYD 6.365629
MAD 10.778492
MDL 19.821335
MGA 5234.228123
MKD 61.541226
MMK 2465.835411
MNT 4165.037041
MOP 9.413295
MRU 46.711263
MUR 53.973669
MVR 18.089955
MWK 2036.221683
MXN 21.133222
MYR 4.807126
MZN 75.051531
NAD 19.701966
NGN 1705.932508
NIO 43.217114
NOK 11.934183
NPR 170.400761
NZD 2.029041
OMR 0.451648
PAB 1.174278
PEN 3.954306
PGK 4.990357
PHP 69.126548
PKR 329.087926
PLN 4.216238
PYG 7886.823395
QAR 4.279734
RON 5.091612
RSD 117.371285
RUB 93.383315
RWF 1709.709149
SAR 4.40741
SBD 9.604559
SCR 16.481849
SDG 706.530872
SEK 10.91862
SGD 1.515305
SHP 0.881268
SLE 28.337634
SLL 24631.155629
SOS 669.945219
SRD 45.351848
STD 24312.220241
STN 24.487032
SVC 10.274559
SYP 12987.377059
SZL 19.705565
THB 37.013971
TJS 10.797474
TMT 4.122909
TND 3.434181
TOP 2.828199
TRY 50.158656
TTD 7.969779
TWD 36.804069
TZS 2915.992834
UAH 49.634415
UGX 4182.784933
USD 1.174618
UYU 46.015632
UZS 14206.476713
VES 314.139533
VND 30915.944723
VUV 142.278694
WST 3.260132
XAF 655.60981
XAG 0.018504
XAU 0.000273
XCD 3.174464
XCG 2.116279
XDR 0.816821
XOF 655.60981
XPF 119.331742
YER 280.135575
ZAR 19.731984
ZMK 10572.956485
ZMW 27.213589
ZWL 378.226504
  • SCS

    0.0200

    16.14

    +0.12%

  • CMSD

    0.0400

    23.29

    +0.17%

  • BCC

    -1.1600

    75.35

    -1.54%

  • GSK

    0.3000

    49.11

    +0.61%

  • RIO

    -0.2850

    75.375

    -0.38%

  • NGG

    0.6660

    75.596

    +0.88%

  • AZN

    1.1900

    91.02

    +1.31%

  • CMSC

    -0.0150

    23.285

    -0.06%

  • RBGPF

    -3.4900

    77.68

    -4.49%

  • BTI

    0.2110

    57.311

    +0.37%

  • BCE

    0.3511

    23.745

    +1.48%

  • BP

    -0.2600

    35

    -0.74%

  • JRI

    0.0135

    13.58

    +0.1%

  • RELX

    0.5800

    40.96

    +1.42%

  • RYCEF

    0.3000

    14.9

    +2.01%

  • VOD

    0.1370

    12.727

    +1.08%

EU struggles to clear path to Russian oil ban
EU struggles to clear path to Russian oil ban / Photo: ATTILA KISBENEDEK - AFP/File

EU struggles to clear path to Russian oil ban

EU foreign ministers on Monday sought to break through Hungary's opposition to an embargo on Russian oil over the Ukraine war, but warned little progress was expected.

Text size:

"We will discuss about it and we will do our best to de-block the situation," EU foreign affairs chief Josep Borrell said at the start of a gathering in Brussels.

"I cannot ensure that it is going to happen because the positions are quite strong."

Budapest has been holding up a push by Brussels to ban Moscow's crucial oil exports as part of a sixth package of sanctions, arguing that it would hammer the Hungarian economy.

German Foreign Minister Annalena Baerbock said: "There are still a few things that need to be clarified in the final stages. There will be no final clarification here today."

But she added that she was confident that "in the next few days we will come to a joint result."

Brussels is desperate to avoid the appearance of division in the face of the Kremlin's onslaught on Ukraine, and officials are scrambling behind the scenes to patch up a compromise.

"I think that if we understand the particular situation of some member states and all of us make an effort to present a united front against Russia, we will succeed," Borrell said.

"It is an objective situation that some member states face more difficulties because they are more dependent, because they are landlocked, because they do not have the possibility of receiving tankers directly," he added.

"They only have oil through pipelines -- coming from Russia."

Brussels has offered Hungary, the Czech Republic and Slovakia long grace periods to phase out Russian oil imports but that has not yet convinced Budapest to budge.

Hungary's Prime Minister Viktor Orban, often the odd man out in EU decision making, has demanded to be exempted from the embargo for at least four years and wants 800 million euros ($830 million) in EU funds to re-tool a refinery and boost the capacity of a pipeline to Croatia.

"The whole union is being held hostage by one member state who cannot help us find the consensus," said Lithuanian Foreign Minister Gabrielius Landsbergis.

Landsbergis said the European Commission was offering landlocked Hungary until the end of 2024 to ditch Russian oil.

"That's a very, very broad, broad scope," he said. "So I think that everybody expected that this will be enough. And I cannot explain you why it isn't."

Ireland's Foreign Minister Simon Coveney conceded that a ban was a tough prospect for countries that are reliant on Russian oil but insisted that "we need to get on and do this".

"The political message is clear," he said. "The EU wants to do this, and we want to do it as soon as we possibly can."

The EU also plans to cut its reliance on Russian gas by two thirds this year, but it has been reluctant to ban imports as Germany opposes such a move.

(B.Hartmann--BBZ)