EU Summit Unlikely to Resolve Russia Oil Embargo, Says von der Leyen

DAVOS, Switzerland (Reuters) – European Union leaders are not expected to reach an agreement on an oil embargo against Russia during their upcoming summit, according to Ursula von der Leyen, head of the EU’s executive body.

She stated, "I don’t think the summit is the right place for that… We should not stare at the summit," adding that discussions with member states are still ongoing.

The European Commission has proposed a phased ban on Russian oil imports by the end of the year for most EU countries, while Hungary and a few others may require more time to comply.

This potential embargo would represent the EU’s most severe sanction in response to Russia’s invasion of Ukraine on February 24.

Nevertheless, Hungary has maintained its veto and has expressed concerns over the financial implications. The country claims it would need hundreds of millions of euros to upgrade its refining and pipeline infrastructure to eliminate Russian oil imports, with total modernization costs potentially reaching billions.

Von der Leyen emphasized that the current negotiations are primarily focused on working out the details: "I don’t think that this will be a topic at the Council that will be decided there."

An EU official supported this view, stating, "There is no way that such a technical subject could be negotiated by the heads of state and government at the summit."