(Bloomberg) -- Slovakia backs a proposed European Union embargo on Russian oil imports but needs a longer transition period until the end of 2025 to implement it, according to Economy Minister Richard Sulik.
Under the EU plan, the bloc would halt imports of Russian crude over the next six months and stop buying its refined fuels by the end of the year as part of a sixth round of sanctions to increase pressure on President Vladimir Putin over his invasion of Ukraine.
Sulik told German radio Thursday that the government in Bratislava -- and their counterparts in the Czech Republic and Hungary -- “want to maintain EU unity” but need the extra three years due to their particularly heavy reliance on Russian oil.
EURO-AREA INSIGHT: Russia Oil Ban Is Less Painful Than Gas
He argued that more pressure could be exerted on Putin if steps were taken to bring energy prices down, such as suspending carbon emissions trading for a few years. The EU's challenge is that it's trying to combine climate protection with cutting energy costs, exiting nuclear energy and tackling Putin, he added.
“It doesn't work all at the same time -- you have to set priorities,” Sulik said. “At the moment, without any question, the biggest priority is to end the war.”
| Read more: |
|---|
|
©2022 Bloomberg L.P.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
