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EU Extends Russia Sanctions, Oil Ban Blocked by Hungary

6/27/2026

30 5 Full Breakdown

Summary

EU Extends Sanctions

EU leaders on June 19 extended sectoral sanctions against Russia for a year.
Estonia, Latvia and Lithuania urged a swift EU oil ban while Hungary and Slovakia warned they could block a ban due to price and supply worries.
Russian oil’s EU share fell from 27 % in early 2022 to 2 % (9.7 million tons) in 2025, with oil-and-gas revenues falling 30 % Jan-May and creating a 6-trillion-ruble deficit in H1 2026.

Summary

EU Gas Demand

EU inland natural gas demand rose 2.5% in 2025 versus 2024.
Croatia (+11.3%), Portugal (+11.2%) and Slovenia (+10.3%) led growth while Finland (-17.7%), Sweden (-9.7%) and Estonia (-9.6%) saw the sharpest drops.
In 2025 the EU imported 89% of its gas, 59% of pipeline supplies from Norway, Algeria, Russia, the UK, Azerbaijan and Libya, and must end Russian imports by end-2027, with temporary exemptions for Hungary and Slovakia.

History

Historical Context

In October 1973 OAPEC, led by Saudi Arabia, embargoed oil shipments to the United States and European states to protest U.S. support for Israel in the Yom Kippur War. The cut slashed Middle-East exports by about 70% and pushed world oil prices up nearly 300% from $3 to $12 per barrel. Europe’s diversification now echoes in EU sanctions on Russian oil and gas.

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EU Extends Sanctions

EU leaders on June 19 extended sectoral sanctions against Russia for a year.
Estonia, Latvia and Lithuania urged a swift EU oil ban while Hungary and Slovakia warned they could block a ban due to price and supply worries.
Russian oil’s EU share fell from 27 % in early 2022 to 2 % (9.7 million tons) in 2025, with oil-and-gas revenues falling 30 % Jan-May and creating a 6-trillion-ruble deficit in H1 2026.

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