European leaders are meeting today in Brussels to agree on Russian oil sanctions following Moscow’s invasion of Ukraine. It’s proven elusive, but EU representatives are attempting to hammer out an agreement on an embargo on Russian oil imports. Leaders hope to reach a deal on the sixth round of sanctions against Moscow.
But the two-day European Council meeting is being complicated by the opposition, mainly from Hungary, which is heavily dependent on Russian oil and objects to a total ban. It says any ban on imports of Russian crude would cross a red line.
EU leaders are expected to consider a compromise that would allow Hungary to continue receiving oil via a pipeline, with sanctions only stopping shipments via sea.
The meeting will also discuss more funds to help Ukraine rebuild by confiscating Russian assets.
Meanwhile, oil traders are waiting to see if a deal materializes. Crude prices have hit their highest point in more than two months.