Foreign

EU Sanctions Russia over Difficult Oil Matters

The EU is expected to outline fresh sanctions against Russia later today, including a plan for potentially phasing out Russian oil.

This is a big move given how many member states are reliant on this source. Overall, the bloc relies on Russia for 26% of its oil imports.

They’ve already paid more than £47 billion euros ($47.43bn) to Russia for the country’s gas and oil since the war began.

Germany has indicated that it would be able to manage without Russian oil by the end of 2022. EU nations have been tussling this week on how to wind down their dependence on Russia.

But some nations – like Hungary and Slovakia – are much more heavily exposed to Russian oil and gas. Hungary, especially, has opposed stronger energy sanctions against Russia.

BBC/Taiwo Akinola

pub-5160901092443552

Related Posts

Leave a Reply

Your email address will not be published.