EU Members Could Not Agree To Ban Oil Imports From Russia

May 5, 2022 daknewsnetwork

EU members could not agree on the proposal to immediately ban oil imports from Russia.

Despite all the discussions, the 27 member countries of the European Union (EU) could not pass a resolution to immediately stop oil imports from Russia.

European Commission chief Ursala van der Lien has called on member states to reduce imports of Russian oil.

This import is to be stopped within six months and the supply of other petroleum products from Russia is to be stopped by the end of the current year.

A resolution to ban Russian oil was to be passed unanimously.

But many European countries are surrounded by land borders and are dependent on Russian supplies. In such a situation, it will not be easy for them to stop the import of oil and gas from Russia.

EU members could not agree on the proposal: Hungary and Slovakia objected.

Hungary and Slovakia have categorically refused to cooperate in any such proposal. This decision of the EU saw a rise in the price of international crude oil.

Crude oil has risen to $109 per barrel. Addressing the EU parliament in Strasbourg, Lien said that transactions with three banks, including Russia’s largest Sber Bank, have been banned.

Germany has expressed confidence to impose sanctions on oil.

Earlier, during the European Union meeting in Brussels, Germany’s Finance Minister Christian Lindner and Economic Affairs Minister Robert Habeck had said that we will find it difficult to implement the ban but we are ready for it.

Let us tell you that Ukraine has been demanding for several weeks from European countries to stop buying oil and gas from Russia.

Because Russia gets thousands of crores of rupees every day from the sale of both these products. On the strength of this income, Russia is easily fighting a war in Ukraine.

According to the International Energy Agency (IEA), 45 percent of the gas exported by the European Union in 2021 came from Russia.

Significantly, Russian gas meets 40 percent of the needs of the countries of the European Union.