EU Member States Offered to Postpone Oil Embargo via Druzhba Pipeline

The European Union has proposed to freeze seaborne oil imports from Russia while simultaneously delaying restrictions on imports via the crucial Druzhba pipeline to accommodate Hungary's objections and reach an agreement on a sanctions package against Russia, Bloomberg reports.

The European Commission sent a revised proposal to national governments on Saturday, which, according to sources familiar with the matter, would exempt Hungary from significant oil supplies via the Druzhba pipeline, a key source of crude oil imports.

Member states are set to gradually phase out seaborne oil supplies over six months, while petroleum product imports will be phased out over eight months, agency sources said.

This proposal allows Hungary, which has opposed the deal, time to find a