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The European Union vetoed Russian oil and agreed on the ceiling with the G7

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The European Union applies from this Monday (5.12.2022) embargo on all imports of Russian oil transported by sea to the blocas well as a ban on the transportation of Moscow oil sold to third countries at a price agreed by the G7 powers above $60 per barrel.

As agreed by the heads of state and government at the summit in May the right to veto the purchase of Russian oil by Member States includes an exception for Hungarywhich will be able to be delivered through the one that comes to it through the gas pipeline, thanks to the fact that Prime Minister Viktor Orban requested fine print at the said negotiations.

Overall, the European embargo affects 90% of all the oil Russia sold before the war to community partners, who have redoubled their efforts since March to reduce their dependence on the Kremlin’s fossil fuels as much as possible.

In addition, the European Commission stressed this weekend that the price ceiling per barrel has been agreed with the G7.”does not affect the ban on the import of Russian oil into the EU or petroleum products” nor to the “specific exceptions and derogations” that were agreed

It took several meetings of EU ambassadors to unravel at the European level the ceiling on Russian oil prices that the G7 and other international partners such as Australia have been pushing for months at the suggestion of US Treasury Secretary Janet Yellen. .

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Author: german wave
Source: Laopinion

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