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EU amends the plan to ban Russian oil, making concessions to Hungary, Slovakia, and the Czech Republic

According to the news agency Bloombergthe EU has proposed amending the ban on oil sanctions against Russia, giving Hungary and Slovakia an extra year to comply with the proposals in the ban.

The Czech Republic alone is given a deadline until June 2024. All other EU member states will phase out imports of Russian oil by the end of this year as originally proposed, which would halt imports of crude oil for six months and refined petroleum products for eight months.

Hungarian Prime Minister Viktor Orban on Thursday rejected the EU’s original proposal to ban Russian oil, describing it as a “nuclear bomb” dropped on his country’s economy. Mr Orban wants the EU to give the ban five years instead of one year.

The EU corrects the plan to ban Russian oil, making concessions to Hungary, Slovakia, and the Czech Republic - Photo 1.

Hungarian Prime Minister Viktor Orban. Photo: Bloomberg

European Commission (EC) President Ursula von der Leyen acknowledged that it is not easy to find a consensus on oil sanctions and it could take days. However, she is confident that an agreement will be reached.

A source of Bloomberg revealed that EU diplomats will meet on May 6 to discuss a package to amend the ban and that negotiations could last until the end of this week.

Hungary, Slovakia and the Czech Republic are heavily dependent on Russian oil, but they account for a relatively small share of the EU’s total Russian oil imports. These three countries will not be allowed to sell imported Russian oil to other countries, under the proposed EU plan.

Czech Prime Minister Petr Fiala said the proposal was on the right track, but that the country was still conducting constructive negotiations with its EU partners.

Hungary is the biggest obstacle to the deal. Orban warned that the Russian oil ban risks breaking EU unity over Ukraine.

The ban will not affect oil transactions from other countries and transit through Russia if they do not help Moscow evade sanctions.

Pham Nghia

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