The European Union has revised its oil embargo against Russia by banning imports by sea easing restrictions on the Druzhba pipeline

The Druzhba pipeline is Hungary's main oil import channel the main focus of Hungary's opposition to sanctions against Russian oil.

European Union member states failed Sunday to agree on a package of sanctions against Russia ahead of a leaders' summit, but talks will continue this week.

Despite proposals aimed at securing Russian oil supplies, Hungary has refused to agree to a compromise, according to people familiar with the matter. Eu delegates were due to meet again on Monday morning, but the failure to reach an agreement means sanctions are likely to top the agenda at the two-day meeting that begins on Monday. An EU official said a deal was still possible in the coming days.

The European Commission has sent a revised proposal to member states to ban imports of Russian oil by sea to defer restrictions on the key Druzhba pipeline in an effort to satisfy Hungary's opposition to sanctions against Russian oil, foreign media reported.

In the month before the conflict, about 750,000 b/d of Russian crude flowed through the Druzhba pipeline to European refineries, according to trade publications. The Druzhba pipeline is Hungary's main crude oil import route.

Under the new proposals, EU countries would have six months to phase out shipments of Russian oil eight months to phase out shipments of Russian oil products.

Hungary had previously said it would support the package if the Druzhba pipeline could be removed the sanctions. But now Hungary is demanding more concessions the EU, two people familiar with the matter said.

Eu sanctions require the agreement of all member states. Several countries had previously opposed treating seaborne pipeline oil differently out of concern that such a division would be unfair have a disproportionate impact on their supplies, people familiar with the matter said. Others fear the proposed compromise could make the entire sanctions package too weak.

Under pressure Cyprus, a ban on Russians buying property in eu countries was dropped the new version of the text, according to people familiar with the matter. Haggling over the TERMS of the EU oil embargo has also led other member states to seek exemptions in their favour.

Failure to get Hungary on board would represent a major setback for the EU's unified stance on Russia an embarrassment for the European Commission, which announced the embargo weeks ago.

The first proposal would give Hungary more time to find technological solutions to its energy needs. It will also address the concerns of other landlocked countries, including Slovakia the Czech Republic. Under the revised draft, Bulgaria will be granted a transitional period until June 2024 December 2024, Croatia can obtain an import exemption for decompression wax.

A plan to ban insurance on Russian crude oil exports to third countries extended the transition period to six months three months after the package was implemented, according to people familiar with the matter.

For more information about energy trading platform, please consult Eurasia International Energy Trading Market Management (Jiangsu) Co., LTD., the manufacturer of financial service platform, storage logistics platform, dangerous chemical business license application platform bulk energy trading platform.

Source: Jinshi data