Czech Republic expresses reservations over EU's plan for oil embargo against Russia

Czech Republic's Minister of Industry and Trade Jozef Sikela outlined the flaws in the European Commission's proposed oil embargo against Russia. He also pointed out that the idea lacked an oil distribution mechanism in the event of market failures in Europe. 

According to European Pravda, Sikela stated, ""We are currently considering this proposal. It does not have everything we asked for. Today we will discuss it in the government. We are dealing with a number of things to fairly distribute the negative impact across Europe."

According to Czech Transport Minister Martin Kupka, the country's reliance on Russian oil is lower than its reliance on Russian gas. "This will require a joint European decision, strengthening oil imports from other sources," Kupka said. The minister made no predictions about whether fuel prices would rise as a result of the sanctions.

Kupka remarked, "Of course, when there is less oil on the market, prices are likely to rise. However, it will also be critical to determine whether the next supply of oil will come from other sources."

The European Commission's President Ursula Von Der Leyen revealed details of the sixth package of sanctions on Russia for its aggression against Ukraine. She stated that Russian crude oil supplies will be cut off in six months and refined products by the end of the year. On the other hand, Hungary's government has stated that the EU's intention to entirely prohibit Russian oil is unsatisfactory since it jeopardises Hungary's energy security.

Exemptions from the oil embargo have been provided to Hungary and Slovakia, which are largely reliant on Russian oil, according to the proposed penalties. At the same time, diplomats believe that the Czech Republic and Bulgaria, which are also highly reliant on Russian oil, will voice their displeasure.

Slovakia seeks exemption from EU sanctions on Russian oil

Moreover, according to Slovakia's Energy Minister, the government is not ready to join a European Union embargo on Russian oil imports as part of a new round of sanctions imposed on Russia for its military actions. Slovakia is nearly entirely reliant on Russian oil delivered through the Druzhba pipeline, which dates back to the Soviet era. On May 3, Economy Minister Richard Sulik informed reporters that Slovnaft, Slovakia's sole refiner, is unable to switch from Russian crude to any other oil soon. It would take several years to update the technology, he predicted.