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June 27
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The European Union could still strike a deal on an embargo on Russian oil imports in the coming days or turn to "other instruments" if no deal is reached, German Economy Minister Robert Habeck said at G-7 talks in Berlin, Reuters reported.

The European Commission has proposed an embargo as the toughest sanction against Russia. But so far the talks have not led to a breakthrough as Hungary has vetoed the move.

Habeck said that all EU countries should reduce their dependence on oil.

Brussels has already offered to give Hungary, Slovakia and the Czech Republic more time to implement the embargo compared to other EU states.

The EU has also offered up to 2 billion euros for oil infrastructure to help these countries switch to non-Russian supplies.

Hungary, however, said it would require a short-term investment of around 750 million euros to weather the embargo, while a complete upgrade of its energy system would cost billions.

Hungarian Prime Minister Viktor Orban urged the EU not to try to negotiate an oil embargo when EU leaders meet next week for a summit in Brussels.

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