EU may spare Hungary and Slovakia from Russian oil embargo

Published On: May 3, 2022Categories: Latest News1.4 min read

Europe is the destination for nearly half of Russia’s crude and petroleum product exports

The European Commission may spare Hungary and Slovakia from an embargo on buying Russian oil, now under preparation, wary of the two countries’ dependence on Russian crude, two EU officials said on Monday.

The Commission is expected to finalise on Tuesday work on the next and sixth package of EU sanctions against Russia over its actions in Ukraine, which would include a ban on buying Russian oil. Exports of oil are a major source of Moscow’s revenue.

Hungary, heavily dependent on Russian oil, has repeatedly said it would not sign up to sanctions involving energy. Slovakia is also among the EU countries most reliant on Russian fossil fuels.

To keep the 27-nation bloc united, the Commission might offer Slovakia and Hungary ‘an exemption or a long transition period’, one of the officials said.

Ukraine’s foreign minister, Dmytro Kuleba, thanked Slovakia for its support of Kyiv, in what seems a sign of understanding of Slovakia’s position.

Ukraine will always remember what our Slovak friends did for us. Warm welcome for Ukrainians fleeing the war, humanitarian aid, arms supplies, support for granting Ukraine EU candidate status and allowing tariff-free exports to the EU, Kuleba wrote on Twitter. We are lucky to have Slovakia as a neighbour.

The oil embargo is likely to be phased in anyway, most likely taking full effect from the start of next year, officials said.

Europe is the destination for nearly half of Russia’s crude and petroleum product exports – providing Moscow with a huge source of revenue.

EU countries have paid Russia nearly 20 billion euros since Feb. 24, when it invaded Ukraine in what Moscow calls a ‘special military operation’, according to research organisation the Centre for Research on Energy and Clean Air.

Overall, the EU is dependent on Russia for 26% of its oil imports.

About the Author: Jonathan Adams

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