EU confirms more details of Russian oil embargo

EU confirms more details of Russian oil embargo

Brussels, 31 May (Argus) — EU officials have confirmed that the bloc's Russian oil embargo will involve phasing out seaborne crude imports within six months and refined product imports by the end of the year, in line with the timeline proposed in early May.

As announced overnight, EU leaders have agreed to exclude pipeline crude supplies from the embargo for an unspecified period, following pressure from some of the bloc's landlocked countries. The Czech Republic, Hungary and Slovakia have all been granted extra time to phase out their Russian oil imports. The precise timeline for Hungary and Slovakia will be decided at a later date, but in the case of the Czech Republic, it is 18 months.

"During this exemption, it will be possible to import products made from Russian oil," Czech prime minister Petr Fiala said.

Meanwhile, Slovakia's prime minister Eduard Heger said his country's demands had been accepted and that Slovakia will be able to import Russian oil until there is a "fully fledged alternative".

For the rest of the bloc, "it's a wind-down period ...until the end of the year. It's not abrupt", European Commission president Ursula von der Leyen said. "By just working hard on not renewing contracts... and looking