Despite concerns over supplies in eastern Europe, the European Union intends to agree on a phased embargo on Russian oil this month, four diplomats and officials said on Friday, rejecting suggestions of a delay or toning down measures.
The largest impediment to an embargo accord suggested by the European Commission, the EU executive, in early May in reaction to Russia’s Feb. 24 invasion of Ukraine is Bulgaria’s reliance on Russian oil.
However, diplomats and officials expressed optimism about an agreement, despite the fact that Commission President Ursula von der Leyen has struggled to persuade Hungarian Prime Minister Viktor Orban, the most strident opponent of the proposed embargo.
‘There will be an agreement,’ a senior EU diplomat said, emphasising that the suggested transition and investment levels were flexible for nations who rely on Russian oil and will need to find alternative sources of supply.
According to a second senior diplomat, an agreement might be reached as early as Monday when EU foreign ministers gather in Brussels, following technical talks planned over the weekend.
According to a third diplomat, an agreement could be reached later this week. ‘This will be determined between Budapest and Brussels at the highest political level. I am hopeful,’ added the diplomat.
While most EU countries must completely enforce a Russian oil embargo by the end of the year, Hungary, Slovakia, and the Czech Republic have already received exemptions until the end of 2024.
Along with the oil embargo, more Russians close to President Vladimir Putin are set to face sanctions in the same package, the sixth since the start of the Ukraine war, which Moscow refers to as a ‘special military operation.’
When he meets with his EU counterparts on Monday, Ukrainian Foreign Minister Dmytro Kuleba is anticipated to push for stronger economic penalties, weaponry, and financial assistance.
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