OREANDA-NEWS. The permanent representatives of the countries - members of the European Union could not reach an agreement on the rejection of Russian oil, writes Reuters. Slovakia, Hungary, the Czech Republic and Bulgaria did not agree with the proposed measures to embargo on raw materials from Russia. Negotiations will continue on May 5.

"The first discussion of the oil embargo ended in a lack of consensus between the parties. An agreement can be reached at the next meeting of EU permanent representatives, scheduled for Thursday", the publication says.

It is noted that the European Commission proposed a month later to introduce a ban on all services related to the transportation of Russian oil. This ban will affect all shipping, brokerage, insurance and financial services offered by European companies.

On May 4, the European Commission announced the sixth package of sanctions against Russia. It includes a delayed embargo on imports of crude oil and petroleum products, which may come into force in late 2022 or early 2023.

Meanwhile, German Economy Minister Robert Habeck announced a possible increase in prices after the refusal to supply Russian oil to the European Union. According to him, the time frame for the complete rejection of energy resources from Russia will be 180 days. Khabek noted that during this period, prices in the domestic market of the country may increase significantly. However, Germany, according to the minister, can afford to refuse oil from Russia. He expressed confidence that the republic will find an alternative to Russian raw materials during the transition period.