The sanctions would see a phasing out of Russian oil supplies over six months, with an exception to Hungary and Slovakia, which will have until the end of 2023.
The package stipulates closing out refined products by the end of 2022 and a ban on all shipping, brokerage, insurance and financial services from EU companies for shipment of Russian oil.
It also includes sanctions on Russian broadcasters, military chiefs and banks.
The move requires approval by an absolute majority of EU countries.
Hungarian officials have expressed that the country would not agree to the decision unless pipeline oil was exempt from the sanctions.
Slovakia had demanded a three-year transition period and Czech Republic has asked for a two- to three-year delay.
Petronas has made a third oil and gas discovery in Suriname's offshore Block 52, the Malaysian company announced on Wednesday Read More
Japanese power generation player JERA on Thursday announced plans to invest USD 32 billion in LNG, renewables and new fuels… Read More
Chevron is planning to exit its North Sea operations after 55 years of activity in the oil hotspot, Reuters reported… Read More
Seatrium has been awarded a contract by SBM Offshore for the topsides fabrication and integration of an additional FPSO vessel… Read More
Diamond Offshore has secured a USD 350-million extension for an ultra-deepwater drillship deployed for Anadarko Petroleum in the US Gulf… Read More
ExxonMobil has made a discovery in the Angolan deepwater, the country's energy regulator announced on Monday Read More
This website uses cookies.