EU working on Russia oil sanction deal for next week's summit that would exclude pipeline flows - Reuters

Joel Frank Independent Analyst

European Union nations are reportedly working on a Russia oil sanction deal that could be signed at next week's EU Council Summit that would exclude oil delivered into the EU via pipelines, two EU officials told Reuters. Bloomberg had reported something similar earlier in the day.

The exclusion of oil delivered by pipelines is designed to win over the approval of landlocked nations such as Hungary, who have thus far pushed back against plans for a broad EU ban on Russian oil imports. Leaders of EU 27 nations will be meeting on 30-31 May and any EU sanction plan must get unanimous approval from all nations.

Author

Joel Frank

Independent Analyst

Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset

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