🇪🇺energy ministers holding an emergency meeting today to discuss how to respond to Russia shutting off the gas taps to #Poland & #Bulgaria - and clarify whether paying for gas in rubles would violate the EU's #RussiaSanctions.
They'll also try to find agreement on a #OilEmbargo.
They'll also try to find agreement on a #OilEmbargo.
What we know for sure is any 🇪🇺 embargo on #RussianOil won't begin immediately. It would probably be phased out by end of the year.
In order to avoid an #Orban veto, #Hungary may have to be granted exemptions. #Italy & #Greece also need more convincing. But #Germany is on board.
In order to avoid an #Orban veto, #Hungary may have to be granted exemptions. #Italy & #Greece also need more convincing. But #Germany is on board.
Today's emergency meeting starts 3pm. If 🇪🇺 agrees oil embargo it will send shock waves through the world economy, analysts predicting it will lead to even higher inflation. There are fears of resulting social unrest.
#Brussels & #Washington in talks on how to cushion the blow.
#Brussels & #Washington in talks on how to cushion the blow.
The phased-in EU ban on Russian oil by the end of this year, likely to be agreed in the next three days, is designed to give EU countries time to find other suppliers.
After initially resisting, Germany is now supporting an oil embargo. But Hungary is threatening to veto.
After initially resisting, Germany is now supporting an oil embargo. But Hungary is threatening to veto.
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