Business
Russia makes $1bn daily as EU disagrees on oil sanctions
European countries’ leaders are currently at loggerheads after they failed to find a lasting agreement on ban of Russian crude oil and gas.
In a meeting held between Sunday and Monday, the European Union failed to agree on an embargo on Russian oil.
The bloc will meet again on Tuesday.
The inability of the EU to reach an agreement means Russia is still earning over $1 billion from oil and gas sales to European countries, the Ukraine President, Volodymyr Zelenskyy, said on Monday.
An EU official told journalists that a full oil embargo would be a big blow to many European countries.
One of the countries refusing to agree on a full oil embargo is Hungary with a simple message that it cannot easily get oil from elsewhere.
READ ALSO: Oil trades at $109 per barrel, as EU decides on ban of Russian oil
Slovakia and the Czech Republic have also expressed similar concerns.
To break the deadlock, the European Commission proposed that the ban applies only to Russian oil brought into the EU by tankers, leaving Hungary, Slovakia and Czech Republic to continue to receive their Russian oil via the Russian Druzhba pipeline for some time until alternative supplies can be arranged.
Nigeria has been touted among the countries expected to help solve the EU oil quagmire but can only watch the drama as oil production continues to lag.
The West African nation has under-produced since February, reporting 1.37 million during the month, 1.34million in March, and 1.32m in April, while output per day should be greater than 1.7 million.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...