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The European Union has proposed a revision to its Russia oil sanctions ban that would give Hungary and Slovakia an extra year, until the end of 2024, to comply, according to people familiar with the matter.
The Czech Republic would also be granted an exemption until June 2024, the people said. All other member states would phase out their imports by the end of this year as originally proposed.
Hungarian Prime Minister Viktor Orban said earlier Friday that he opposed the EU’s original proposal to ban Russian oil, saying it was tantamount to a “nuclear bomb” being dropped on his country’s economy. He said he wanted a five-year exemption on an oil ban.
Under the EU’s plan, European companies and individuals would be banned from providing vessels and services, such as insurance, needed to transport oil to third countries. Under the revision, that measure would now kick in within three months of the new sanctions being adopted, up from one month, the people said.
EU ambassadors will be meeting on Friday morning to discuss the revised proposals and negotiations are expected to be difficult and stretch through the day, the people said.
