EU to discuss watered-down oil embargo on Russia as Hungary holds firm

Oil prices rose as traders closely monitored the prospect of the EU agreeing to impose a ban on Russian oil imports.

The European Union on Monday will continue to work toward an agreement to embargo Russian oil after attempts to do so on Sunday failed.

The talks are largely held up by Hungary, a major user of Russian oil and whose leader Viktor Orban has been on friendly terms with Russia’s Vladimir Putin.

( Source: CNBC, published Monday, May 30 2022, 4:28 AM )

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