EU deal to embargo Russia's energy commodities again fails

High Representative of the European Union for Foreign Affairs and Security Policy Josep Borrell

 The Hungarian government is reluctant to lift its veto on Russian oil imports Monday (16/5/2022). Reported by Reuters, the embargo agreement made by the European Union was intended to close the income faucet of President Vladimir Putin, in funding his war in Ukraine. But the agreement again failed to be reached, as Hungary continued to reject the insistence of the EU proposal. 

"Unfortunately, it is not possible to reach an agreement today," said the EU's foreign policy chief, Josep Borrell. During the meeting of the foreign ministers of the western bloc, Borrel said that the EU proposal agreement could not be fully implemented if one of the 27 European countries did not agree to the new rules. The Hungarian government rejected the proposal in order to secure the country's supply of crude oil, amid the energy shortages that occurred in the global market. 

This refusal is not the first time that Hungary has made, in early May Yesterday the government also rejected a request from the European Union to help with the Russian oil embargo process. Hungary's Foreign Minister, Peter Szijjarto, said his government needed hundreds of millions of dollars to build oil refineries, increase capacity for the Croatian oil pipeline, and compensate for the Hungarian economy. For this reason, Hungary cannot be separated from the supply of Russian imports.

 "The European Commission must offer solutions to finance investments and compensate for rising prices with Hungary's total energy structure in the range of 15 to 18 billion euros," Peter Szijjarto said on his Facebook page. The refusal was not only made by Hungary, two other EU countries such as Slovakia and the Czech Republic were also known to have rejected the embargo proposal submitted by the European Union. The decisions taken by the three countries will certainly make it more difficult for the European Union to realize the embargo in the near future. 

Furthermore, on May 30 and 31, EU diplomats plan to hold a re-meeting regarding the agreement on a gradual ban on Russian oil, later at the meeting the EU will again persuade Hungary, Slovakia and the Czech Republic to agree to the embargo proposal despite having to go through a long transition period. long enough. "I am sure that we will find an agreement in the coming days," said German Foreign Minister Annalena Baerbock. Later, if this agreement is successfully approved, the crude oil embargo will be carried out for the next six months. 

Borel said the steps taken by the European Union, apart from hitting the Russian economy, were also intended to prove Europe's independence from Russia's energy dependence. For information previously the European Union imposed an oil embargo, the United States and Britain first cut off Russian oil imports.

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