Russia Oil Embargo Eu

European Union member states on Friday reached agreement on price caps for Russian petroleum products, ahead of an international embargo set to go into force over the weekend, Sweden said.

Russia on Saturday rejected a $60 price cap on its oil agreed by the EU, G7 and Australia, which Ukraine said would contribute to the destruction of Russia's economy.

The European Union (EU) told member states on Wednesday to cut gas usage by 15 per cent until March as an emergency step after President Vladimir Putin warned that Russian supplies sent via the biggest pipeline to Europe could be reduced further and might even stop.

Oil slipped by more than 1% on Tuesday as concerns about demand due to China's prolonged COVID lockdowns outweighed support from a possible European oil embargo on Russia over its actions in Ukraine.

EU leaders have reached an agreement "in principle" on banning oil imports from Russia, European Commission chief Ursula von der Leyen said early on Tuesday.

Oil prices fell by more than 2% as demand worries stemming from China's prolonged COVID-19 lockdowns outweighed the prospect of a European embargo on Russian crude.

German Economy Minister Robert Habeck expressed fears that the European Union's unity was "starting to crumble" ahead of a summit to discuss an oil embargo against Russia

"We're not there yet," European Commission President Ursula von der Leyen said. Estonian Prime Minister Kaja Kallas said it was more realistic to expect an agreement next month.

Two thirds of the Russian oil imported by the EU comes via tanker and one third by the Druzhba pipeline. The embargo on seaborne oil imports would therefore apply to 2/3 of all oil imported from Russia.

European Commission President Ursula von der Leyen said on Monday she had made progress in talks with Hungarian Prime Minister Viktor Orban on a possible EU-wide ban on Russian fossil fuels.

Hungary has held up the EU's sixth package of sanctions against Russia over its invasion of Ukraine, It says halting Russian oil imports would be a body blow to its economy because the landlocked country cannot easily get oil from elsewhere.

The EU's proposed new sanctions against Russia, including an oil embargo, should not be discussed at next week's summit of the bloc's leaders, Hungarian Prime Minister Viktor Orban said in a letter to the President of the European Council.

The 27 EU member countries would "address the issue of the temporary exception for crude oil delivered by pipeline as soon as possible."

The target to cut 90% of all Russian imports by the end of 2022 includes seaborne deliveries as well as Poland and Germany stopping their own imports of Russian oil via pipeline.

The United States and Europe have already imposed a raft of measures targeting Russia's oil exports, the lifeblood of its economy and its war machine, including export controls, a U.S. ban on Russian energy imports, a partial EU ban on energy imports.

European Union member states on Friday reached agreement on price caps for Russian petroleum products, ahead of an international embargo set to go into force over the weekend, Sweden said.

Russia on Saturday rejected a $60 price cap on its oil agreed by the EU, G7 and Australia, which Ukraine said would contribute to the destruction of Russia's economy.

The European Union (EU) told member states on Wednesday to cut gas usage by 15 per cent until March as an emergency step after President Vladimir Putin warned that Russian supplies sent via the biggest pipeline to Europe could be reduced further and might even stop.

Oil slipped by more than 1% on Tuesday as concerns about demand due to China's prolonged COVID lockdowns outweighed support from a possible European oil embargo on Russia over its actions in Ukraine.

EU leaders have reached an agreement "in principle" on banning oil imports from Russia, European Commission chief Ursula von der Leyen said early on Tuesday.

Oil prices fell by more than 2% as demand worries stemming from China's prolonged COVID-19 lockdowns outweighed the prospect of a European embargo on Russian crude.

German Economy Minister Robert Habeck expressed fears that the European Union's unity was "starting to crumble" ahead of a summit to discuss an oil embargo against Russia

"We're not there yet," European Commission President Ursula von der Leyen said. Estonian Prime Minister Kaja Kallas said it was more realistic to expect an agreement next month.

Two thirds of the Russian oil imported by the EU comes via tanker and one third by the Druzhba pipeline. The embargo on seaborne oil imports would therefore apply to 2/3 of all oil imported from Russia.

European Commission President Ursula von der Leyen said on Monday she had made progress in talks with Hungarian Prime Minister Viktor Orban on a possible EU-wide ban on Russian fossil fuels.

Hungary has held up the EU's sixth package of sanctions against Russia over its invasion of Ukraine, It says halting Russian oil imports would be a body blow to its economy because the landlocked country cannot easily get oil from elsewhere.

The EU's proposed new sanctions against Russia, including an oil embargo, should not be discussed at next week's summit of the bloc's leaders, Hungarian Prime Minister Viktor Orban said in a letter to the President of the European Council.

The 27 EU member countries would "address the issue of the temporary exception for crude oil delivered by pipeline as soon as possible."

The target to cut 90% of all Russian imports by the end of 2022 includes seaborne deliveries as well as Poland and Germany stopping their own imports of Russian oil via pipeline.

The United States and Europe have already imposed a raft of measures targeting Russia's oil exports, the lifeblood of its economy and its war machine, including export controls, a U.S. ban on Russian energy imports, a partial EU ban on energy imports.