No EU deal on a Russia oil ban has been reached on Wednesday, EU envoys to meet again on Thursday - Reuters

Joel Frank Independent Analyst

Envoys from EU countries were unable to reach an agreement during a meeting on Wednesday on the European Commission's proposed sixth round of sanctions on Russia, sources told Reuters on Wednesday. The Commission's proposal included plans to phase out the import of Russian crude oil within six months, phase out refined products by the end of the year and cut major Russian banks from SWIFT.

The source said that EU nations are expected to move closer to a deal at a meeting on Thursday. Hungary, Slovakia, the Czech Republic and Bulgaria raised concerns about the oil embargo, the source told Reuters, in fitting with public remarks from leaders/government officials from these countries.

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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