EU Faces Same Hurdles Over Tariff On Russian Oil As With Embargo

eu_faces_same_hurdles_over_tariff_on_russian_oil_as_with_embargo.jpg
Entornointeligente.com /

Home Oil Prices Rig Count Energy Energy-General Oil Prices Crude Oil Heating Oil Gas Prices Natural Gas Coal Company News Interviews Alternative Energy Nuclear Power Solar Energy Hydroelectric Renewable Energy Geothermal Energy Wind Power Fuel Cells Tidal Energy Biofuels Environment Global Warming Oil Spills Geopolitics Africa Asia Europe Indonesia International Middle East North America South America Video Breaking News Premium Articles Community Trade Now My Account Latest Discussions Energy General Oil Stocks & Prices Other Energy Topics Trade Now Get Exclusive Intel All Prices OPEC Blends Canadian Blends U.S. Blends WTI Crude • 10 mins 112.7 +0.48 +0.43% Brent Crude • 10 mins 112.2 +0.20 +0.18% Natural Gas • 10 mins 8.071 -0.237 -2.85% Heating Oil • 10 mins 3.787 -0.005 -0.12% Gasoline • 10 mins 3.851 +0.020 +0.51% Louisiana Light • 1 day 113.8 +2.64 +2.37% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Louisiana Light • 1 day 113.8 +2.64 +2.37% Bonny Light • 1 day 114.1 +0.52 +0.46% Opec Basket • 1 day 112.0 -2.90 -2.52% Mars US • 18 hours 107.6 +0.02 +0.02% Gasoline • 10 mins 3.851 +0.020 +0.51% Click Here for 150+ Global Oil Prices

Start Trading CFDs Over 2,200 Different Instruments

Click Here for 150+ Global Oil Prices

Marine • 1 day 105.3 -4.13 -3.78% Murban • 1 day 108.0 -4.12 -3.68% Iran Heavy • 1 day 106.1 +0.04 +0.04% Basra Light • 171 days 71.69 -3.60 -4.78% Saharan Blend • 1 day 113.3 +0.15 +0.13% Bonny Light • 1 day 114.1 +0.52 +0.46% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Bonny Light • 1 day 114.1 +0.52 +0.46% Girassol • 1 day 110.6 +0.20 +0.18% Opec Basket • 1 day 112.0 -2.90 -2.52% Click Here for 150+ Global Oil Prices

Start Trading CFDs Over 2,200 Different Instruments

Click Here for 150+ Global Oil Prices

Canadian Crude Index • 1 day 91.49 +2.18 +2.44% Western Canadian Select • 10 hours 95.79 +2.85 +3.07% Canadian Condensate • 10 hours 112.0 +2.85 +2.61% Premium Synthetic • 10 hours 110.3 +2.85 +2.65% Sweet Crude • 10 hours 108.2 +2.85 +2.71% Peace Sour • 10 hours 105.3 +2.85 +2.78% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Peace Sour • 10 hours 105.3 +2.85 +2.78% Light Sour Blend • 10 hours 107.4 +2.85 +2.72% Syncrude Sweet Premium • 10 hours 111.0 +2.85 +2.64% Central Alberta • 10 hours 105.6 +2.85 +2.77% Click Here for 150+ Global Oil Prices

Start Trading CFDs Over 2,200 Different Instruments

Click Here for 150+ Global Oil Prices

Louisiana Light • 1 day 113.8 +2.64 +2.37% Domestic Swt. @ Cushing • 1 day 108.8 +2.75 +2.59% Giddings • 1 day 102.5 +2.75 +2.76% ANS West Coast • 2 days 113.7 -4.05 -3.44% West Texas Sour • 1 day 106.2 +2.62 +2.53% Eagle Ford • 1 day 110.1 +2.62 +2.44% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Eagle Ford • 1 day 110.1 +2.62 +2.44% Oklahoma Sweet • 1 day 108.8 +2.75 +2.59% Kansas Common • 1 day 102.5 +2.75 +2.76% Buena Vista • 2 days 112.6 -5.11 -4.34% Click Here for 150+ Global Oil Prices

Start Trading CFDs Over 2,200 Different Instruments

Click Here for 150+ Global Oil Prices

1D 1M 3M 1Y All Charts Products Discussion Headlines 1 hour Banks Rush To Assure Texas They Like Oil And Gas 2 hours China Gobbles Up Any Spare Oil Barrels To Boost Inventories 2 hours Americans Drive More Than Pre-Covid Despite Record Gas Prices 15 hours President Biden Considers Meeting Saudi Crown Prince As Oil Prices Soar 16 hours Refinery Explosion And Fire Threatens Supply In South Korea 17 hours How Allegations Of Bullying And Abuse Caused A Slump In Canadian Oil Trading 18 hours Shots Fired As Protesters Fail To Stop Oil Tanker From Loading In Libya 19 hours Gas Stations In Washington State Are Running Out Of Fuel 20 hours Soaring Energy Imports Put Japan’s Economy Under Pressure 21 hours U.S. Shale Merger Creates A New $7 Billion Giant 22 hours The U.S. Is Considering Sanctioning Countries That Buy Russian Oil 23 hours Gasoline Price-Gouging Bill Passes The House 23 hours How The UK’s 35% Duty On Russian Platinum And Palladium Will Impact Markets 1 day Soaring Gasoline Prices Won’t Stop Summer Travel 1 day Asian Gasoline Exports To U.S. Soar 1 day Japan Nuclear Regulator Greenlights Radiactive Water Release From Fukushima 2 days China To Offload 2 Million Barrels of Iranian Crude Despite Sanctions 2 days Ex-German Chancellor Could Be Sanctioned Over Rosneft Ties 2 days Gasoline Prices Top $6 In California, $9 In Parts Of Europe 2 days Oil, Gas Employment Will Take Five Years To Recover From Covid: Rystad 2 days Insurers Are Suffering Major Losses Due To Climate Change 2 days «Fossil Fuels Are A Dead End,» UN Secretary-General Says 2 days Russia Increasingly Using Own Oil Tankers To Boost Shipments To Asia 2 days Saudi Oil Revenue To Surge 66% To $249 Billion On High Prices 2 days Russia Could Halt Gas Supply To Finland On Friday 2 days Russia’s Gas Flows Via Ukraine Plunged 50% In The Past Week 3 days API Reports Inventory Draws In Crude, Gasoline Despite SPR Release 3 days Libyan Oil Deadlocked As Clashes Force PM-Designate Out of Tripoli 3 days Putin: Europe Committing «Economic Suicide» With Energy Sanctions 3 days United States To Release Venezuela From Some Oil Sanctions 3 days U.S. Set To Suggest European Tariff On Russian Oil Instead Of Embargo 3 days Hungary Says Complying With Russia Oil Ban Would Cost It $811 Million 3 days New Trading Firms Replace Oil Majors In Business With Russia 3 days Iraqi Government Prevents Chinese Parties From Buying Into Oil Deals 3 days Saudi Aramco Considers Listing $30 Billion Trading Arm As Oil Prices Soar 3 days Russia Becomes One Of India’s Top 5 Oil Suppliers   3 days Shell’s Brazil Wells Come Up Dry 4 days Shale Pioneer Harold Hamm Slams Biden’s «Failed» Energy Policies 4 days Oil Prices Surge Past $113 As Shanghai Signals End Of Lockdown 4 days Germany’s RWE To Follow Kremlin’s Rubles-for-Gas Scheme 4 minutes «Natural Gas Trading Picks Up Considerably Amid High Volatility» by Charles Kennedy – …And is U.S. NatGas Futures dramatically overbought at the $6.35 range? 8 minutes How Far Have We Really Gotten With Alternative Energy 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ? 8 hours GREEN NEW DEAL = BLIZZARD OF LIES 2 days Revisiting: «The U.S. Grid Isn’t Ready For A Major Shift To Renewables» from March 2021 by Irina Slav at OILPRICE 5 days How cheap Chinese tires might explain Russia’s ‘stalled’ 40-mile-long military convoy in Ukraine 7 mins What China is Learning from Russia’s War in Ukraine and its Consequences 11 hours Failure To Implement Russian Oil Ban Could Send Oil Crashing To $65 3 days Natural Gas is the Cleanest and most Likely Source of Energy to Fuel the World. Sell Buy Sell Buy Sell Buy Sell Buy Sell Buy Breaking News: Banks Rush To Assure Texas They Like Oil And Gas

Find us on:

Energy Security Concerns Are Fueling A Renewable Boom While fossil fuel stocks have…

Russia Will Force Oil Buyers To Pay More If EU Introduces Tariffs Buyers will have to pay…

Oil Markets Are Bracing For A Slew Of Bullish News With China gradually easing its…

Home Energy Energy-General Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Share Facebook Twitter Linkedin Reddit Premium Content EU Faces Same Hurdles Over Tariff On Russian Oil As With Embargo By Tsvetana Paraskova – May 20, 2022, 11:00 AM CDT The European Union is unlikely to reach a unanimous decision on levying a tariff on Russian crude. Strong opposition from Hungary could throw a spanner in the works. At a meeting on Monday, the foreign ministers of the EU failed to persuade Hungary to drop its veto on an embargo. Join Our Community The European Union is unlikely to reach a unanimous decision on the idea the U.S. has floated for cutting Putin’s oil revenues—a tariff on Russian oil, a senior official told Argus on Friday.

Basically, an EU-wide agreement on a tariff is likely to be as difficult to reach as a phased oil embargo proves to be currently amid strong opposition from Hungary.

The idea of an EU tariff on oil imports from Russia comes from the United States, which  is considering proposing  that European countries impose a tariff instead of an embargo, to allay concerns about the security of supply and surging oil prices. The EU could combine tariffs and embargoes, U.S. Treasury Secretary Janet Yellen said on Tuesday after discussing ways to reduce EU dependence on Russian energy with European Commission President Ursula von der Leyen.

Yet, an EU official told Argus today «There’s no way for us under common commercial policy to just increase the tariffs. We need to abide by the rules.»

«It would be sanctions, not something that falls under commercial policy,» an official told Argus, commenting on the possibility of a tariff on Russian oil.

Under a sanctions regime—not commercial policy regime—a tariff then would also need unanimous approval from all 27 EU member states, including Hungary, as is the case with the proposed oil embargo on Russian crude and refined products.  

In early May, the European Commission  officially proposed a full ban  on Russian crude and oil product imports, to come into effect by the end of the year. But the EU is still scrambling to find a common position, trying to persuade Hungary and some other central and eastern European countries to drop their opposition to an embargo.

At a meeting on Monday, the foreign ministers of the EU  failed to persuade Hungary  to drop its veto on an embargo. Diplomats hope that a summit at the end of May could reach a unanimous decision on a ban on Russian oil, to be phased out over six months and with exemptions for central European countries including Hungary, Slovakia, and the Czech Republic.   

By Tsvetana Paraskova for Oilprice.com

More Top Reads from Oilprice.com:

Failure To Implement Russian Oil Ban Could Send Oil Crashing To $65 Oil Markets Are Bracing For A Slew Of Bullish News High Gasoline And Diesel Prices Are Here To Stay Download The Free Oilprice App Today
LINK ORIGINAL: Oilprice

Entornointeligente.com