Such a move has been debated for weeks — with the United States pressuring the group to do its part to stop funding Russia with its oil and gas payments. The EU will continue to discuss the issue at the weekend, according to the New York Times, with the European Commission preparing the final proposal to submit to EU ambassadors for approval. The ambassadors are scheduled to meet next Wednesday, with final approval due to be delivered by the end of the week, anonymous EU officials told the New York Times. There is no indication of how comprehensive or complete an embargo would be, but it is clear that some kind of embargo is on the horizon. The EU gets a quarter of its crude oil from Russia. Analysts have suggested that a full ban on crude oil would result in a major economic blow and that Russia could not find enough willing buyers to buy the oil, which is usually directed to the EU. could hinder Russian President Vladimir Putin’s ability to continue financing the war in Ukraine. There are also long-term effects. If Russia fails to find a way out of all its crude oil in the wake of the EU crude oil embargo, Russia may be forced to cut production – production that may not be able to return to the internet. By Julianne Geiger for Oilprice.com More top readings from Oilprice.com:
