AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,944 Increased By 65.8 (0.96%)
BR30 22,827 Increased By 258.6 (1.15%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)

BRUSSELS: The European Union was preparing a ban on Russian oil, with possible exemptions for wary countries, as EU energy ministers on Monday held crisis talks on Moscow’s demand that foreign buyers pay for gas in roubles or lose their supply.

The European Commission is expected to propose a sixth package of EU sanctions this week against Russia over its invasion of Ukraine, including an embargo on buying Russian oil - a measure that would deprive Moscow of a large revenue stream, but that has so far divided EU countries.

Russia supplies 40% of EU gas and 26% of its oil imports.

To keep the 27-nation bloc united, the Commission may offer Hungary and Slovakia an exemption or a long transition period - with the overall ban likely to be phased in by the year-end, officials said on Monday.

Both Hungary and Slovakia are heavily dependent on Russian crude. Hungary has said it would oppose energy sanctions.

Resistance from other countries to an oil embargo appeared to be fading ahead of a meeting on Wednesday when ambassadors will discuss the sanctions.

“We have managed to reach a situation where Germany is able to bear an oil embargo,” German economy minister Robert Habeck said on Monday. “This means it won’t be without consequences.” Austrian climate and energy minister Leonore Gewessler said Vienna would agree to oil sanctions if other countries did.

EU countries have paid more than 46 billion euros ($47.43 billion) to Russia for gas and oil since it invaded Ukraine on Feb. 24, according to research organisation the Centre for Research on Energy and Clean Air.

GAS CRISIS TALKS EU energy ministers will also attempt on Monday to forge a joint response to Russia’s demand that countries effectively pay for gas in roubles, after Russia cut gas supply to Bulgaria and Poland last week for refusing to comply with its payment scheme.

Bulgaria and Poland already planned to stop using Russian gas this year and have said they can cope with the cut-off, but the move has raised fears that other EU countries could be next.

“Russia’s demand on payments in roubles is an obvious attempt to divide the European Union. So we must respond in unity and solidarity,” EU energy commissioner Kadri Simson said as she arrived at the meeting, adding that ministers will discuss contingency plans for gas supply shocks.

Comments

Comments are closed.