Europe's Russian oil embargo hits roadblock: Hungary balks, calls it ‘red line’

The European Union's proposal to embargo Russian oil by the end of 2022 has kicked up a storm. After Hungary and Slovakia showed resistance to join the plan, the European Union is now planning tweaks to its proposal. A ban on Russian oil, essentially means that the 27 member political and economic bloc will move to non-Russian sources of crude oil. This includes the Organization of the Petroleum Exporting Countries led by Saudi Arabia, U.S, Latin America or Africa. Hungary and Slovakia, under the embargo plan, have been given an extra year to make alternative arrangements. The Hungarian PM, while criticising the European Union's move, has said that the commission has crossed a red line. He added that it was impossible for Hungary to make such a big move by the end of 2023. Watch this video for more details.

 
SHARE
Story Saved
×
Saved Articles
Following
My Reads
My Offers
Sign out
New Delhi 0C
Sunday, November 27, 2022
Start 15 Days Free Trial Subscribe Now
Register Free and get Exciting Deals