5/5, 7:43 PM (Source: TeleTrader)
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EU unity compromised by Russian oil embargo plan

Hungarian Prime Minister Victor Orban accused Brussels on Thursday of compromising the unity of the European Union with its latest proposal to impose a complete embargo on Russian oil within the next six months, saying the sanction as such would only further increase energy prices.

"If the commission insists on the adoption of its proposal, it will have to bear full responsibility for a historical failure in the course of European integration," noted Orban in a letter directed to European Commission President Ursula von der Leyen. The prime minister emphasized that Hungary along with other EU members is not ready to comply with the new measure in its current form, and should only be accepted when the commission "meets all the preconditions by the member states."

Ursula Von Der Leyen stated on Wednesday that the new set of sanctions against Moscow will target a complete embargo by the end of the year. However, Slovakia has already demanded a three-year transition period for Russian oil, while Japan also argued it would be difficult to halt imports of Russian oil.

Baha Breaking News (BBN) / AB