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Oil

EU leans towards Russian oil ban by year-end, prepares sixth sanctions package

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The European Union is leaning towards a ban on imports of Russian oil by the end of the year, two EU diplomats said, after talks between the European Commission and EU member states this weekend.

The European Union is preparing a sixth package of sanctions against Russia over the invasion just over two months ago of
Ukraine that Moscow calls a special military operation.

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The package is expected to target Russian oil, Russian and Belarusian banks, as well as more individuals and companies.

The Commission, which is coordinating the EU response, held talks dubbed “confessionals” with small groups of EU countries
and will aim to firm up its sanctions plan in time for a meeting of EU ambassadors in Brussels on Wednesday.

EU energy ministers are also due to meet in the Belgian capital on Monday to discuss the issue.

The EU diplomats said some EU countries were able to end their use of oil before the end of 2022, but others, particularly more southerly members, were concerned about the impact on prices.

Germany, one of the bigger buyers of Russia oil, appeared to be willing to go along with the end-2022 cut-off, the diplomats said, but countries including Austria, Hungary, Italy, and Slovakia still had reservations.

Some EU countries have proposed opting for a cap on the price they are willing to pay for Russian oil. However, it would still leave them forced to pay higher prices for supplies from elsewhere.

Read more: Kremlin says Russian oil embargo would hurt Europe’s energy balance, not US

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