A meeting of European Union foreign ministers will take place next week if the bloc countries do not reach an agreement on an oil embargo against Russia by the weekend, EU foreign policy chief Josep Borrell said on Friday. reports Reuters.
The European Commission is proposing changes to the planned embargo on Russian oil in a bid to win over the reluctant states, such as Hungary, Slovakia and the Czech Republic.
Speaking to reporters on the sidelines of the event in Florence, Borrell reiterated his belief in reaching “a common solution, as not all countries are in the same situation”, adding that an agreement must be reached quickly.
Asked about a possible gas import embargo, Borrell said “gas is not for tomorrow, (but) for the day after tomorrow”, indicating that the EU should take one step at a time in its sanctions against Russia.
He said earlier on Friday that the bloc should be “realistic” in its plans to become independent of Russian energy and that it should do so “smoothly and prudently”.
“Gas cannot be replaced by anything else … if it is not Russian gas, it must be natural gas anyway,” he said.
Europe, which supplies about 40 percent of its gas imports from Russia, is trying to diversify its energy supply mix as the conflict in Ukraine escalates.
The top diplomat added that there are various ways to hurt Russia’s oil exports and that action may not be limited to a simple ban on the oil market.
“If insurance companies do not provide security for the transportation of Russian oil, this will be a big problem for Russian oil exports, not only to the EU but also to the rest of the world,” he said, without elaborating.
Source: Capital
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