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EU embargo on Russian oil products expected next week

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European member states are likely to impose their toughest sanctions yet on the Russian Federation, imposing an embargo on its oil products as early as next week.

he New York Times has reported that European officials are drafting plans for the embargo, which is likely to be adopted over a four-month resolution period, similar to the ban on Russian coal announced earlier this month.

Countries like Germany are expected to be particularly affected by the blanket embargo on Russian oil, with the four-month transition designed to give it ample time to adjust and source alternatives.

It took weeks for member states to agree on the divisive measure and intense talks are set to continue this weekend before the EU Commission presents ambassadors with a proposal.

EU officials and diplomats have spoken anonymously that an ambassadors’ meeting will be held on Wednesday, with final approval of the embargo expected by the end of the week.

The oil ban will be part of the sixth package of sanctions imposed on Russia since the February 24 invasion of Ukraine. Officials said the package will, for the first time, include additional measures against high-profile Russians and sanctions on Russia’s biggest bank, Sberbank.

It comes as Hungary has resisted the move, but barring last-minute interventions, sources could say the package could be completed without the need for a meeting of EU leaders.

Russia is Europe’s largest oil supplier, supplying about a quarter of the Union’s annual needs. EU officials said as the oil embargo is phased in, the EU aims to make up the deficit by increasing imports from other sources such as the Persian Gulf countries, Nigeria, Kazakhstan and Azerbaijan.

The embargo will almost certainly put further pressure on global oil prices.

https://www.independent.ie/news/eu-embargo-on-russian-oil-products-expected-next-week-41601764.html EU embargo on Russian oil products expected next week

Fry Electronics Team

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