Zürcher Nachrichten - EU struggles to clear path to Russian oil ban

EUR -
AED 3.766633
AFN 73.238099
ALL 98.214041
AMD 412.332999
ANG 1.856298
AOA 935.240537
ARS 1062.01933
AUD 1.667523
AWG 1.848434
AZN 1.741185
BAM 1.955482
BBD 2.079662
BDT 125.649583
BGN 1.955988
BHD 0.386137
BIF 3046.904902
BMD 1.025483
BND 1.408671
BOB 7.116844
BRL 6.280233
BSD 1.030033
BTN 88.642596
BWP 14.496644
BYN 3.370752
BYR 20099.473996
BZD 2.068964
CAD 1.479239
CDF 2943.1374
CHF 0.939841
CLF 0.037515
CLP 1035.164213
CNY 7.519559
CNH 7.548634
COP 4459.875306
CRC 519.915518
CUC 1.025483
CUP 27.175309
CVE 110.247086
CZK 25.121224
DJF 183.420196
DKK 7.467159
DOP 63.229726
DZD 139.334359
EGP 51.791584
ERN 15.382251
ETB 129.247698
FJD 2.3983
FKP 0.812164
GBP 0.840881
GEL 2.896984
GGP 0.812164
GHS 15.192531
GIP 0.812164
GMD 73.317852
GNF 8906.552756
GTQ 7.948708
GYD 215.494984
HKD 7.985326
HNL 26.194744
HRK 7.355696
HTG 134.558135
HUF 413.751595
IDR 16732.965924
ILS 3.785028
IMP 0.812164
INR 88.392049
IQD 1349.280753
IRR 43160.033257
ISK 144.839029
JEP 0.812164
JMD 161.513755
JOD 0.72748
JPY 161.772075
KES 133.328335
KGS 89.217083
KHR 4163.323493
KMF 490.231907
KPW 922.934457
KRW 1511.690667
KWD 0.316363
KYD 0.858361
KZT 543.591671
LAK 22474.348098
LBP 92236.112368
LKR 303.410698
LRD 192.608703
LSL 19.575819
LTL 3.027986
LVL 0.620305
LYD 5.091173
MAD 10.352118
MDL 19.250872
MGA 4877.207493
MKD 61.520003
MMK 3330.729975
MNT 3484.592348
MOP 8.259758
MRU 41.10732
MUR 48.024006
MVR 15.790253
MWK 1786.009788
MXN 21.244222
MYR 4.611089
MZN 65.531856
NAD 19.575819
NGN 1591.006543
NIO 37.903841
NOK 11.768949
NPR 141.827954
NZD 1.845656
OMR 0.394366
PAB 1.030033
PEN 3.87587
PGK 4.129329
PHP 60.512786
PKR 286.853689
PLN 4.269651
PYG 8087.685816
QAR 3.75509
RON 4.980874
RSD 117.065978
RUB 104.230163
RWF 1432.767187
SAR 3.849291
SBD 8.654484
SCR 14.727607
SDG 616.315773
SEK 11.504626
SGD 1.405219
SHP 0.812164
SLE 23.329509
SLL 21503.876573
SOS 588.604356
SRD 35.999611
STD 21225.435257
SVC 9.012536
SYP 2576.557974
SZL 19.57182
THB 35.613017
TJS 11.237274
TMT 3.589192
TND 3.306263
TOP 2.401787
TRY 36.336414
TTD 6.991864
TWD 33.955091
TZS 2592.478743
UAH 43.558122
UGX 3808.381168
USD 1.025483
UYU 44.972692
UZS 13345.831409
VES 55.182569
VND 26016.513024
VUV 121.747439
WST 2.833193
XAF 655.85043
XAG 0.033731
XAU 0.000381
XCD 2.77142
XDR 0.793171
XOF 655.85043
XPF 119.331742
YER 255.601585
ZAR 19.600833
ZMK 9230.58947
ZMW 28.453377
ZWL 330.205226
  • SCS

    -0.3300

    10.97

    -3.01%

  • BCC

    -1.5200

    115.88

    -1.31%

  • CMSC

    -0.1800

    22.92

    -0.79%

  • NGG

    -1.8500

    56.13

    -3.3%

  • GSK

    -0.6600

    33.09

    -1.99%

  • RIO

    0.2100

    58.84

    +0.36%

  • AZN

    0.4300

    67.01

    +0.64%

  • JRI

    -0.1400

    12.08

    -1.16%

  • BTI

    -0.8400

    35.9

    -2.34%

  • BCE

    -0.6700

    22.96

    -2.92%

  • CMSD

    -0.1500

    23.25

    -0.65%

  • RELX

    -0.4000

    46.37

    -0.86%

  • RBGPF

    60.4900

    60.49

    +100%

  • VOD

    -0.1600

    8.05

    -1.99%

  • BP

    0.1700

    31.29

    +0.54%

  • RYCEF

    -0.0300

    7.07

    -0.42%

EU struggles to clear path to Russian oil ban
EU struggles to clear path to Russian oil ban / Photo: ATTILA KISBENEDEK - AFP/File

EU struggles to clear path to Russian oil ban

EU foreign ministers on Monday sought to break through Hungary's opposition to an embargo on Russian oil over the Ukraine war, but warned little progress was expected.

Text size:

"We will discuss about it and we will do our best to de-block the situation," EU foreign affairs chief Josep Borrell said at the start of a gathering in Brussels.

"I cannot ensure that it is going to happen because the positions are quite strong."

Budapest has been holding up a push by Brussels to ban Moscow's crucial oil exports as part of a sixth package of sanctions, arguing that it would hammer the Hungarian economy.

German Foreign Minister Annalena Baerbock said: "There are still a few things that need to be clarified in the final stages. There will be no final clarification here today."

But she added that she was confident that "in the next few days we will come to a joint result."

Brussels is desperate to avoid the appearance of division in the face of the Kremlin's onslaught on Ukraine, and officials are scrambling behind the scenes to patch up a compromise.

"I think that if we understand the particular situation of some member states and all of us make an effort to present a united front against Russia, we will succeed," Borrell said.

"It is an objective situation that some member states face more difficulties because they are more dependent, because they are landlocked, because they do not have the possibility of receiving tankers directly," he added.

"They only have oil through pipelines -- coming from Russia."

Brussels has offered Hungary, the Czech Republic and Slovakia long grace periods to phase out Russian oil imports but that has not yet convinced Budapest to budge.

Hungary's Prime Minister Viktor Orban, often the odd man out in EU decision making, has demanded to be exempted from the embargo for at least four years and wants 800 million euros ($830 million) in EU funds to re-tool a refinery and boost the capacity of a pipeline to Croatia.

"The whole union is being held hostage by one member state who cannot help us find the consensus," said Lithuanian Foreign Minister Gabrielius Landsbergis.

Landsbergis said the European Commission was offering landlocked Hungary until the end of 2024 to ditch Russian oil.

"That's a very, very broad, broad scope," he said. "So I think that everybody expected that this will be enough. And I cannot explain you why it isn't."

Ireland's Foreign Minister Simon Coveney conceded that a ban was a tough prospect for countries that are reliant on Russian oil but insisted that "we need to get on and do this".

"The political message is clear," he said. "The EU wants to do this, and we want to do it as soon as we possibly can."

The EU also plans to cut its reliance on Russian gas by two thirds this year, but it has been reluctant to ban imports as Germany opposes such a move.

S.Scheidegger--NZN