5/6/2022, 11:14 AM (Source: TeleTrader)
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Borrell to call FM meeting if oil embargo deal isn't reached

European Union High Representative Josep Borrell asserted on Friday, during a meeting with students in Florence as part of the Europe Day, that should the EU fail to reach an agreement on the Russian oil embargo "by this weekend, I will have to bring together the Council of Foreign Ministers next week to have a political agreement."

Nevertheless, Borrell stressed that the EU is "working to reach an agreement between all European countries" on the aforementioned issue. Earlier, European Commission President Ursula von der Leyen announced a sanction package proposal regarding the Russian oil embargo, which would aim to "phase out Russian supply of crude oil within 6 months."

Hungary has been against the proposal, as President Viktor Orban reiterated that the oil embargo is a "red line" for his government and that the country would need around five years to overhaul its energy system.

Baha Breaking News (BBN) / AY