No immediate deal on Russian oil ban, EU envoys to meet again on Thursday: source

Hungary, Slovakia, the Czech Republic and Bulgaria raised about the oil embargo. (Shutterstock)
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Updated 04 May 2022
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No immediate deal on Russian oil ban, EU envoys to meet again on Thursday: source

Envoys from European Union countries did not reach an agreement on Wednesday about a proposed embargo against Russian oil, but they were expected to move closer to a deal at a meeting on Thursday, an official familiar with the talks told Reuters.

The European Commission proposed earlier on Wednesday an embargo for Russian oil which would take effect in six months for crude oil exports, and in eight months for diesel and other oil products.

Under the proposal, Hungary and Slovakia would be granted a longer period to adapt to the embargo until the end of 2023.

EU envoys had their first discussion about the proposal on Wednesday, but the meeting ended without a formal backing for the plan, as some countries raised concerns about the proposed measures, the source said, declining to be named because of the sensitivity of the matter.

Hungary, Slovakia, the Czech Republic and Bulgaria raised concerns about the oil embargo, the source said, noting however that a deal could be achieved at a new meeting of envoys on Thursday.

Hungary and Slovakia have been publicly raising their concerns about the oil embargo, with Slovakia saying on Wednesday it wanted a longer transition period to wean itself off Russian oil, of at least three years.


Closing Bell: Saudi main index slips to close at 11,228 

Updated 15 February 2026
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Closing Bell: Saudi main index slips to close at 11,228 

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, lost 23.17 points, or 0.21 percent, to close at 11,228.64. 

The total trading turnover of the benchmark index was SR2.99 billion ($797 million), as 170 of the stocks advanced and 82 retreated.    

On the other hand, the Kingdom’s parallel market Nomu gained 449.38 points, or 1.90 percent, to close at 24,093.12. This comes as 43 of the stocks advanced while 27 retreated.    

The MSCI Tadawul Index lost 6.07 points, or 0.40 percent, to close at 1,511.36.     

The best-performing stock of the day was Obeikan Glass Co., whose share price surged 7.54 percent to SR27.66.  

Other top performers included Alamar Foods Co., whose share price rose 6.80 percent to SR47.10, as well as Saudi Kayan Petrochemical Co., whose share price climbed 6.79 percent to SR5.66.   

Saudi Investment Bank recorded the steepest drop, falling 3.21 percent to SR13.56. 

Jahez International Co. for Information System Technology also saw its share price fall 3.15 percent to SR13.55. 

Rabigh Refining and Petrochemical Co. declined 2.78 percent to SR7.34. 

On the announcements front, Tanmiah Food Co. reported its annual financial results for the period ending Dec. 31. According to a Tadawul statement, the company recorded a net loss of SR18.8 million, compared with a net profit of SR95.8 million a year earlier. 

The net loss was mainly due to ongoing market challenges that resulted in continued pricing pressures in fresh poultry, inflationary cost pressures, higher financing expenses, and depreciation and ramp-up costs from new facilities, partially offset by increased production volumes and cost-optimization initiatives.  

Tanmiah Food Co. ended the session at SR58.20, up 3.72 percent. 

United International Holding Co., also known as Tas’heel, announced its annual financial results for the period ending Dec. 31. A bourse filing showed the company recorded a net profit of SR273.64 million in 2025, up 23.05 percent from 2024, primarily driven by a 23.4 percent rise in revenues. The revenue growth helped lift gross profit by 23.7 percent. 

Tas’heel ended the session at SR146.80, down 0.28 percent.