UPDATED: Slovakia, seeking exemption, wants three-year transition for EU’s Russian oil embargo

May 4 (Reuters) – Slovakia wants a three-year transition period for it to phase in the European Union’s proposed oil embargo on Russia, Economy Minister Richard Sulik said on Wednesday.

Slovakia, highly reliant on Russian crude supplies, supported the EU’s sanctions, Sulik said, but was still seeking an exemption to give it time to secure alternative oil supplies.

The European Commission’s proposed measures include phasing out supplies of Russian crude oil within six months and refined products by the end of 2022.

 Hungary and Slovakia will be able to continue buying Russian crude oil until the end of 2023 under existing contracts, an EU source told Reuters on Wednesday, benefitting from exemptions from an oil embargo proposed by the European Commission.

The EU executive proposed on Wednesday to ban imports of Russian crude oil within six months, and refined oil products by the end of the year. 

In a bid to convince reluctant countries not to veto the proposal, Brussels has proposed a longer period to implement the embargo for Hungary and Slovakia, the source said.

(Reporting by Francesco Guarascio @fraguarascio, Editing by Louise Heavens)

See also: EU Plans Phased Oil Ban On Russia, Also Targeting More Banks And Broadcasters