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Baltic States Push EU to Accelerate Russian Oil Ban Amid Easing Supply Fears

Financial Times Markets •
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Estonia, Latvia and Lithuania called on the European Union to fast-track delayed plans to ban Russian oil imports, arguing that Moscow's energy revenues continue funding the war in Ukraine. The Baltic ministers raised the issue during Friday's energy ministers meeting, where Energy Commissioner Dan Jørgensen did not publicly respond to their appeals.

EU concerns about severe energy shortages following the Iran conflict proved overblown, with the Strait of Hormuz gradually reopening after US-Iran ceasefire agreements. This easing supply pressure emboldened calls for Europe to advance its Russian energy phaseout. The EU has already reduced Russian oil imports dramatically from 27 per cent of supply in early 2022 to just 2 per cent in 2025, though this still represents 9.7 million tonnes of crude.

Poland's deputy energy minister Wojciech Wrochna told the Financial Times that Warsaw supports implementing the ban before year-end, acknowledging legitimate concerns about supply availability and competitiveness. However, countries like Hungary and Slovakia remain resistant to accelerated timelines, while others face pressure from persistently high energy costs.

The European Commission maintains its commitment to presenting the oil ban proposal, though the original April 15 timeline was postponed. Despite market resilience in oil products, Jørgensen cautioned that full normalization could take months for oil and years for gas infrastructure damaged in the Middle East conflict.