Minister: Italian authorities should ask EU for delay in imposing embargo on Russian oil

Italian Economic Development Minister Adolfo Urso has said that the Italian authorities should have asked the European Union (EU) for a delay in imposing an embargo on Russian oil.

In Sicily, there is a LUKOIL plant (ISAB Lukoil), which, in the event of an embargo, may face bankruptcy, the newspaper Corriere della Sera reports, according to News Russia.

In an interview with the publication, Mr. Urso said that Italy should have followed the example of other European countries, such as Germany and Poland, which asked for a delay.

“A mistake was made at an earlier stage when Italy did not demand the necessary postponement of the embargo at the European level to protect national interests, as did the more perspicacious European countries, such as Germany and Poland, as well as Bulgaria,” the minister explained.

The LUKOIL refinery in the Italian commune of Priolo in the southeast of Sicily is the third enterprise in Europe in terms of oil refining.

In 2008, LUKOIL bought out 49 per cent of the enterprise. The plant produces about 22 per cent of the fuel consumed in Italy. The company employs more than 1,000 people from poor areas, and after the shutdown of the plant, they went out to protest. In November, LUKOIL refused to sell the American Crossbridge plant. Experts pointed to possible difficulties in the event that Italy wants to get a reprieve from the embargo for ISAB.

As part of the eighth package of sanctions, the EU countries intend to introduce price restrictions on Russian oil from December 5, and on oil products from February 5. Poland and the Baltic States require a $30 price cap. An exact price has yet to be agreed upon.