5/10, 12:55 PM (Source: TeleTrader)
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Borrell hopes for complete Russian oil embargo soon

High Representative of the European Union for Foreign Affairs Josep Borrell asserted a possible embargo on Russian oil on Tuesday, noting he hopes European Union ministers to agree on halting imports from Russia soon.

EU foreign ministers are expected to meet on May 16 to discuss measures against Moscow proposed by the latest batch of sanctions targeting a complete oil embargo from Russia. In case the ambassadors fail to reach an agreement by the end of the week, Borrell noted that the Union will focus on convincing reluctant countries, particularly Hungary that is strongly opposing the latest sanctions unless the conditions change.

Previously, Borrell said the bloc is ready to offer Hungary more time and money to compensate for the difficult position Budapest will be in, in case it complies with the proposal on the oil embargo.

Baha Breaking News (BBN) / AB