The EU revises ban on Russia's oil



The EU has proposed a revision to its Russia 7oil sanctions ban that would give Hungary and Slovakia an extra year, until the end of 2024, to comply, according to people familiar with the matter.

The Czech Republic would also be granted an exemption until June 2024, the people said.

All other member states would phase out their imports by the end of this year as originally proposed, with imports of crude halting in six months and refined petroleum products in eight months.

Hungarian Prime Minister Viktor Orban said earlier Friday that he opposed the EU's original proposal to ban Russian oil, saying it was tantamount to a "nuclear bomb" being dropped on his country's economy.

He said he wanted a five-year exemption on an oil ban after the EU originally proposed giving the country one extra year.

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