EU to propose phasing out Russian oil in new sanctions wave
- The European Commission, which draws up sanctions for the EU’s 27 countries, is preparing the text, which could be put to member states as early as Wednesday
- Several diplomats said the ban on oil was made possible after a policy U-turn by Germany, which had previously resisted the measure
The EU will propose a phased out ban on Russian oil imports as part of its fresh round of sanctions against Russia for its invasion of Ukraine, sources said on Sunday.
The European Commission, which draws up sanctions for the EU’s 27 countries, is currently preparing the text, which could be put to the member states as early as Wednesday, diplomats said.
Several diplomats said the ban on oil was made possible after a policy U-turn by Germany, which had resisted the measure, seeing it as too disruptive and potentially harmful to its economy.
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To placate doubters, the commission will propose to phase-in the ban over six to eight months, giving countries time to diversify their supply, the sources said.
Approval of the ban, which requires unanimous backing by the member states, still faces headwinds.
Hungary is expected to mount strong opposition due to its dependence on Russian oil and close ties to the Kremlin.
A ban is counterproductive and EU countries “must come to their senses”, Hungarian Cabinet Minister Gergely Gulyas told state radio on Sunday, Bloomberg reported.
Other countries are also worried that a ban on oil would increase prices at the pump when consumer prices are already sharply on the rise due to the fallout from the war.