The European Union’s proposed oil embargo of Russia is stuck in a standoff.
It’s been nearly a month since the European Union appeared poised to approve a ban on Russian oil, a once unthinkable measure heralded as a potent sign of European unity in the face of Russian aggression in Ukraine. Instead, the policy is now stalled, stymied by Hungary’s refusal to fall behind the rest of the bloc.
Hopes that the standoff between Hungary and the other 26 members of the bloc could be overcome at a summit in Brussels on Monday and Tuesday are also fading. Prime Minister Viktor Orban of Hungary asked earlier this week that the proposed embargo remain off the table.
At the World Economic Forum in Davos, Switzerland, on Wednesday, Prime Minister Mark Rutte of the Netherlands was skeptical the impasse with Hungary would get resolved next week. Mr. Orban “is not giving a lot of reason to hope that we could get to a deal on Monday, Tuesday,” he said in an interview. Read more
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