Commodities and Futures News
EU tweaks Russia oil sanctions plan in bid to win over reluctant states – source
2022.05.06 10:45
FILE PHOTO: Models of oil barrels are seen in front of the displayed sign “stop”, EU and Russia flag colours in this illustration taken March 8, 2022. REUTERS/Dado Ruvic
BRUSSELS (Reuters) – The European Commission has proposed changes to its plan to embargo Russian oil, in a bid to win over reluctant states, an EU source told Reuters on Friday.
The tweaked proposal, to be discussed by EU envoys at a meeting on Friday starting from 0730 GMT, would include a three-month transition before the introduction of a ban on shipping services to transport Russian oil, instead of the initial one month. It would also entail help with investments to upgrade oil infrastructure and mitigate the impact of the sanctions.
