European Union countries are likely to approve a gradual embargo on Russian oil next week, causing a major economic blow to Moscow for its invasion of Ukraine, the New York Times reports.
The newspaper, citing EU officials and diplomats who took part in the talks, said the ambassadors would meet on Wednesday to consider a final proposal and were expected to approve the measures by the end of next week.
As the oil embargo is gradually lifted, European countries will turn to increased imports from the Persian Gulf countries, Nigeria, Kazakhstan and Azerbaijan, according to the New York Times.
The PCK oil refinery in Schwedt, Germany, shown above in 2014, is operated by the Russian oil company Rosneft. (Reuters / Axel Schmidt / Reuters)
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In addition, a new wave of EU sanctions will target Russia’s largest bank, Sberbank, and several high-profile Russians, officials added.
The Wall Street Journal reported earlier that a complete ban on Russian oil was possible after Germany changed its stance this week.
The overthrow by Germany, which was one of the main rivals in stopping EU oil and gas trade with Russia, comes after Berlin’s agreement with Poland on oil imports through one of the Baltic Sea ports. according to this report.
A protester holds a sign as she participates in a demonstration outside the EU headquarters in Brussels on Friday, 29 April 2022, calling on the European Union to stop buying Russian oil and gas (AP / Virginia Mayo / Associated Press)
On Wednesday, Germany’s representatives in the EU lifted their objection to a Russian oil embargo on the grounds that the country had enough time to find alternative supplies, two German government officials told the newspaper.
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The EU reportedly pays about $ 1 billion a day in energy to state-controlled Russian companies.
Russian President Vladimir Putin is chairing a meeting with members of the Security Council via teleconference at the Kremlin in Moscow, Russia, on Friday, April 29. (Mikhail Klimentyev, Sputnik, Kremlin Pool Photo via AP / Associated Press)
About 12 percent of Germany’s current oil supplies come from Russian imports, up from 35 percent at the start of the war in Ukraine, according to German Economy Minister Robert Habeck.
