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The European Union is trying to persuade reluctant countries to ban Russian oil with lots and lots of euros

The EU ‘government’ is considering not having three member states in a seaport He will give more money To modernize the oil logistics infrastructure to make the Russian oil embargo more attractive to them. The measures are part of a broader package of sanctions imposed on Russia over the invasion of Ukraine, but an agreement on the size of the investment is still needed to adopt the legal text.

While most EU countries should fully implement the Russian oil embargo by the end of the year, Hungary, the biggest critic of the new sanctions package, has already been granted an exemption by the end of 2024, as have Slovakia and the Czech Republic by the middle of the year. -2024.

Of these, three countries in the eastern European Union do not have access to the sea, so the Russian oil embargo carries greater economic risks. EU officials say their concerns are well-founded and are now considering spending more than originally planned to modernize and expand pipelines that carry oil from other EU countries.

The source did not comment on the size of the investment, but indicated that it should not be in billions of euros, but much less.

The European Union is withholding 7.2 billion euros ($7.5 billion) in EU funds for post-coronavirus recovery from Hungary over rule of law concerns, and diplomats say Budapest may try to link oil embargo talks to the frozen funds disbursed.

The source rejected this, saying that it would provide additional resources for investment in pipelines, and there is still debate whether these funds can also be used to modernize oil refineries in Eastern European countries – many of which cannot process Russian oil at the moment.

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EU ships can transport Russian oil, but without insurance

The source said the new version being developed is likely to lift the ban on EU tankers carrying Russian oil after pressure from Greece, Cyprus and Malta due to the sensitivity of the issue. But the source added that EU companies would not be able to provide insurance and other financial services for the transportation of Russian oil around the world, noting that the original proposal would remain unchanged at this stage.

Bulgaria has also threatened to veto the oil embargo if it does not win concessions, but EU officials say the Black Sea country has fewer structural problems and risks to energy security could be addressed in other ways.

The hard and shrewd bargaining that followed the commission’s original sanctions document was submitted last week to delaying approval, and the text has been rewritten once in an effort to persuade skeptics.