‘Mounting tensions’ could see EU shelve Russia oil embargo

‘Mounting tensions’ could see EU shelve Russia oil embargo

Brussels could shelve its plans for an embargo on Russia oil imports amid mounting tensions over the bloc’s attempts to roll out a sixth package of economic sanctions against Moscow. Hungary has refused to back further measures against Russia’s energy sector , which has prevented the bloc from targeting more oligarchs and banks to ramp up pressure on the Kremlin over its invasion of Ukraine. Diplomatic sources told the Telegraph that the European Commission is considering carving out the proposed ban on Russian oil in order to overcome the opposition from Budapest for the wider package of sanctions. But hawkish member states have now warned they will veto the package if eurocrats offer to water down the sanctions further. “We will not agree to further weaken sanctions, or to make unjustifiably payments for sanctions blockers,” an EU ambassador said. “We are under political and moral pressure to impose sanctions against Russia, as this is the only way to effectively stop Putin’s war machine .” Hungary is seen as the final hold-out in the bloc’s bid to ban imports of Russian oil by the end of the year. Under the commission’s plans, EU countries would phase out supplies of crude oil