US suggests tariffs on Russian oil, as Hungary blocks EU-wide embargo

Reading Time: < 1 minute

The EU failed to agree on its latest sanctions against Russia on Tuesday, as Hungary refused to drop its threat to torpedo the package.

Consensus on a blanket embargo of Russian oil remains elusive and could take another “week or two”, EU foreign affairs chief Josep Borrell said on Monday, after the EU-27’s foreign ministers met in Brussels.

Ukraine’s Foreign Minister Dmytro Kuleba said on Monday: “It’s clear who’s holding up the issue. But time is running out because every day Russia keeps making money and investing this money into the war.” 

Hungarian Foreign Minister Peter Szijjarto called claims that Hungary is taking the EU hostage “a lie”. 

According to Borrell, the deadlock with Hungary is of an economic nature: “Hungary has not explained their position in political terms, but in economic terms,” he said.

The US Treasury Secretary Janet Yellen suggested on Tuesday that the EU could add import tariffs on Russian oil to its embargo plans.

The US will lay out details on the tariff plan, which it says would limit both Russian profits and also price spikes, at a G7 meeting this week.

G7 leader Mario Draghi last week brought up the idea during a meeting with US President Joe Biden last week.

Yellen said the US is committed to helping to increasing exports of liquefied natural gas to Europe.

EU ambassadors will discuss the sanctions package – the bloc’s sixth since Russia invaded Ukraine on 24 February – at their regular meeting on Wednesday.

Dan Nolan

Recent Posts

CEE mulls ramifications of Trump’s victory on trade, defence, environment

As Donald Trump officially declared his victory in the US election, he received congratulations from…

4 days ago

‘Budapest Declaration’ signed as Orban hosts EU summit

European leaders committed to developing a defence industry base and enhancing EU competitiveness at an…

4 days ago

EU, South Korea expand security, defence links

The EU and the Republic of Korea formalised a comprehensive Security and Defence Partnership in…

4 days ago

PKN Orlen CEE’s top firm on Coface 500 list

Poland is the dominant country in the Central and Eastern Europe (CEE) business landscape, with…

4 days ago

To the victor go the spoils – the big winners and losers of Trump’s second presidency – CET op-ed

Hungarian Prime Minister Viktor Orban, no stranger to political brinkmanship, went all in on Donald…

1 week ago

Moldova pivots to EU in presidential vote

Moldovan President Maia Sandu defeated her pro-Russian rival Alexandr Stoianoglo by around 55% to 45% in the presidential second-round…

2 weeks ago