Embargo on Russian Oil: Russia’s treasury to leave ‘oil’ .. EU key decision!

-Galla S Kiran Kumar,Bureau Chief Telagana( Andhra Pradesh)

Desk: The European Union has taken a key decision to stop Russia from continuing its attack on Ukraine. It has imposed partial bans on oil imports with the aim of undermining the country’s economic resources. To this end, a federation of 27 countries reached a compromise agreement.

There is no ban on pipeline imports.

The EU, which has been in deep talks over the past few weeks on a full-scale embargo, has finally taken into account the objections raised by Hungary. It must accept compromised sanctions. Imports of oil through the pipeline are exempt from the ban. A complete ban was imposed only on oil coming by ships by sea. As a result, 67 per cent of imports will be cut off immediately, said EU Council Chief Charles Michel. It is alleged that the ambassador provided the information to Hussein.

90 percent by the end of the year.

EU executive head Ursula von Der Lein said oil imports from Russia to European countries would fall by 90 per cent by the end of this year. Poland and Germany have made it clear that they will suspend the Russian pipeline from their territory. It is already known that Western countries have imposed five-point sanctions on Russia. Experts say the latest six-tier sanctions are likely to have a major impact on Russia’s economy.

Some more restrictions ..

About 26 percent of the European Union’s oil needs are imported from Russia. Europe, which opposes the war, has been criticized for indirectly funding Russia’s arms purchases of oil. As part of the latest sanctions, Berbank, Russia’s largest bank, has been banned from the international payment system Swift. As well as imposing sanctions on more people who remain close to the Kremlin and face war crimes charges. Russia has banned all three state-owned media outlets. 

Why Hungary is an exception ..

Hungarian Prime Minister Viktor Arban has been opposed to proposals to ban Russia’s imports from the beginning. Pipelines are the only way to import offshore Hungary oil. On the other hand, 65 percent of the country’s oil needs come from Russia. Victor Urban has been adamant that the Czech Republic should make a definite exception to the Drozba pipeline coming through Slovakia. In this context, he proposed a ban on imports by sea. He expressed concern that otherwise it would be like throwing a nuclear bomb on the Hungarian economy. Victor made it clear that he would not hesitate to supply oil, even by sea, if Ukraine destroyed its pipelines.

Hungary and a few other countries were exempted from the ban. However, exempt countries are also urged to implement the embargo within two years. He said that necessary arrangements should be made for that. However, Hungary sought assistance of 800 million euros over a four-year period. It is noteworthy that Putin was named as a close associate of Victor Urban.