OREANDA-NEWS The European Union (EU) will not be able to approve an oil embargo against Russia due to Hungary opposing the measure. It is reported by Bloomberg, citing sources.

According to the source, Hungary needs more than $810 million to modernize the oil industry. In addition, it takes a lot of time. Therefore, some EU countries have proposed to exclude oil from the new sanctions package. However, some EU members believe that an embargo on Russian oil can be introduced without Hungary.

Another source of the agency indicated that the European Commission (EC) is concerned about some kind of concessions on oil. In addition, such exemptions may weaken the new sanctions package, as other countries may also wish to make their own exemptions.

Earlier on Monday, German Vice-Chancellor and Economy Minister Robert Habeck said that Berlin was not opposed to a European embargo on Russian oil without the participation of Hungary. According to him, Germany will support the relevant proposal if it comes from the leadership of the EC.