European Union countries are likely to approve a phased embargo on Russian oil next week.
The new package of sanctions will also affect the largest Russian bank «Sberbank», reports the Chronicle.info with reference to TSN.
According to sources negotiations, the EU countries managed to overcome differences on the embargo on Russian oil. The participants agreed on a phased introduction of a ban on supplies from Russia.
According to the interlocutors of The New York Times, a phased embargo on Russian oil could be announced next week. The European Commission is expected to put the final proposal on «paper», and next week the ambassadors of the EU countries must approve it along with new sanctions.
The new package of EU restrictive measures against Russia will include sanctions against Sberbank and high-ranking Russians.
The oil embargo will be the biggest and most important new step in the sixth EU sanctions package since Russia invaded Ukraine on February 24.
The embargo, according to the newspaper, will affect the transportation of Russian oil by tankers rather than exports hydrocarbons through oil pipelines, which may take several months. However, in both cases, it is likely that the EU will allow its members to wind down existing contracts with Russian oil companies, as was the case with the coal ban, which was given four months to fully implement.
Russia is the largest supplier of oil to Europe and provided more than a quarter of EU oil imports in 2020.
Recall that the European Union is currently developing the sixth package of sanctions against Russia and is considering various options for restrictions against the Russian oil industry, including a ban on the import of certain petroleum products and the taxation of imports.
EU sanctions require the consensus of all 27 countries. Some of them, notably Germany and Hungary, oppose a complete ban on oil imports.