Korchagina oil field in Russia. Credt: Pavel Gurenchuk/Wikimedia Commons/ CC BY 3.0The European Union has softened its stance on the purchase of Russian gas and oil, as it released a series of guidelines for European companies to purchase fuel from the country and avoid breaching sanctions on Monday.
The bloc proposed a total ban on Russian oil imports in a large packet of sanctions on May 4, but the proposal was blocked by a number of countries, including Hungary, the Czech Republic, Bulgaria, and Slovakia, all of which rely on gas and oil from Russia.
Josep Borrell, EU head of Foreign Affairs and Security Policy, stated that it was not “possible to reach an agreement” on banning Russian oil and gas in the EU due to hesitation from the member states that rely on the imports.
While those opposed to the ban, such as Hungary, which receives over 60% of its oil and 85% of its natural gas from Russia, seem to stand firm in their position, the EU will continue to negotiate the matter.
According guidelines recently released by the European Union, European companies can continue to purchase Russian oil and gas by opening a bank account, even at Russian banks such as Gazprombank, and paying for the fuel in whatever currency was agreed upon in their contracts.
