All articles tagged with #russian oil
Hungary will block the EU's €90 billion loan to Ukraine until Russian oil shipments resume via the Druzhba pipeline, with Foreign Minister Péter Szijjártó accusing Kyiv of blackmail; Hungary and Slovakia have exemptions from EU Russian oil rules, and Budapest has threatened to veto EU decisions aiding Kyiv.
Hungary will block the EU’s 90-billion-euro loan to Ukraine until Russian oil resumes flowing through the Druzhba pipeline, after supplies were interrupted by what Kyiv called a Russian drone attack. Budapest and Bratislava had exemptions from the EU oil ban and accuse Ukraine of obstructing shipments, with Hungary warning it will veto EU decisions favorable to Kyiv. The move comes amid broader tensions over Ukraine aid, as Slovakia threatens electricity cuts and a deal on the loan was reached with some protections for member states.
Hungary said it will block the EU’s €90 billion loan to Ukraine until oil transit via the Druzhba pipeline resumes, arguing Kyiv’s behavior and timing ahead of Hungary’s April elections; the loan would have covered about two-thirds of Kyiv’s needs for 2026–27, with Ukraine potentially facing a cash shortfall by mid-2026 without the funds. The Druzhba flow has been interrupted since late January after Russian strikes, and European Commission officials say repair decisions are for Kyiv. Hungary and Slovakia also moved to restrict Russian oil flows as leverage in the dispute.
EU's new ban on refined products from Russian crude pressures Turkey and India as they cut imports, while China may absorb some displaced barrels via teapot refineries; enforcement gaps and loopholes could limit the impact on Moscow's revenues.
Russia's crude oil exports have increased to their highest in over two years, but delays in offloading at Chinese and Indian ports have caused a significant build-up of tankers at sea, with at least 20 vessels waiting to dock. Despite higher export volumes, falling prices and US sanctions targeting tanker movements have complicated the situation, leading to increased at-sea storage and potential covert transfers.
U.S. crude oil prices have dropped to their lowest since early 2021 due to a looming surplus, potential peace in Ukraine, and increased OPEC+ production, with broader economic indicators also showing signs of slowdown.
Hungary received a one-year exemption from US sanctions on Russian oil, following negotiations with President Trump, due to its reliance on pipeline imports and unique situation compared to other European countries. The exemption allows Hungary to continue importing Russian oil via the Druzhba and TurkStream pipelines, highlighting ongoing tensions between Hungary and the EU over energy dependence and sanctions policies.
Hungary's Mol is shifting its oil procurement strategy away from Russia, with plans to increase use of non-Russian crude via a Croatian pipeline, ahead of a key meeting between Orban and Trump on Russian oil sanctions, as Hungary seeks to reduce dependence on Russian energy amidst EU phase-out plans.
Russian oil is trading at its steepest discounts to Brent in a year in Asia as Indian and Chinese refiners cut purchases following US sanctions on Russian producers, leading to wider price gaps and potential financial strain on Moscow.
Hungarian Prime Minister Viktor Orbán is visiting President Trump to seek support for Hungary's continued purchase of Russian oil amid international pressure to diversify energy sources and reduce reliance on Russia, highlighting the complex geopolitical ties and Orbán's strategic alliances with Trump and Russia.
Following US sanctions on Russian oil companies, Chinese refiners like Sinopec and PetroChina are reducing their purchases of Russian crude, affecting about 45% of China's Russian oil imports, as other countries also begin to shun Russian oil due to Western sanctions.
Chinese oil refiners are increasingly shunning Russian oil shipments, especially the ESPO grade, due to US and allied sanctions targeting Russian producers and customers, leading to a significant drop in Russian oil imports by China and impacting global supply dynamics.
Hungary's Prime Minister Viktor Orbán has vowed to find ways to bypass US sanctions targeting Russian oil companies, highlighting ongoing geopolitical tensions and Hungary's stance on the Russia-Ukraine conflict and Western sanctions.
EU countries are moving to ban Russian oil imports, aiming to overrule Hungary and Slovakia's opposition, marking a significant step in Europe's efforts to cut reliance on Russian energy amidst ongoing geopolitical tensions.
The US has imposed sanctions on Russia's largest oil companies, Rosneft and Lukoil, to pressure Moscow to end its war in Ukraine, marking the first such sanctions since Trump returned to office. The move aims to cut off revenue funding the Russian military effort, with coordinated actions from the UK and EU, including potential bans on Russian natural gas and financial dealings, signaling increased international pressure on Russia.