EU to discuss watered-down oil embargo on Russia as Hungary holds firm


Oil prices rose as traders closely monitored the prospect of the EU agreeing to impose a ban on Russian oil imports.

Attila Kisbenedek | Afp | Getty Images

The European Union on Monday will continue to work toward an agreement to embargo Russian oil after attempts to do so on Sunday failed.

The talks are largely held up by Hungary, a major user of Russian oil and whose leader Viktor Orban has been on friendly terms with Russia’s Vladimir Putin.

Budapest over the weekend signaled support for a European Commission proposal that would apply sanctions only on Russian oil brought into the EU by tankers, which would allow landlocked energy importers Hungary, Slovakia and the Czech Republic to…


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