LAST UPDATE 12:24
The commission’s executive body is preparing proposals to impose an oil embargo on Russia, the foreign ministers of Ireland, Lithuania and the Netherlands said, although no agreement has yet been reached on banning Russian crude.
“They are now working to ensure that oil is part of the next package of sanctions,” said Irish Foreign Minister Simon Cowney on his arrival at a meeting with his EU counterparts in Luxembourg.
“The European Union is spending hundreds of millions of euros on oil imports from Russia, which of course contributes to the financing of the war. We must stop this funding as soon as possible,” Coweni added.
His counterparts in the Netherlands and Lithuania also said they were open to considering ways to target Russian oil, which accounts for a quarter of EU crude imports, as a means of pushing Russia to stop bombing Ukrainian cities.
“We are considering all other sanctions, including energy,” said Dutch Foreign Minister Wopke Hoekstra, a position echoed by EU foreign policy chief Josep Borrell. sooner or later”.
It is recalled that the European Parliament last week voted in favor of an embargo, although the decision is not binding.
A possible oil embargo depends on the technical details of the extent and timing of such a move as well as the support of EU Member States.
Energy dependence varies within the European bloc, with countries such as Bulgaria being almost entirely dependent on Russian oil. Hungary has said it cannot support an oil embargo.
The position of Germany, the EU’s largest economy, will be crucial. Foreign Minister Alena Berbok, speaking at the Luxembourg summit, called for a “coordinated plan for the gradual, full release of fossil fuels” from Russia, but EU diplomats have said that Berlin does not actively support an immediate imposition of sanctions.
Source: Capital
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