Hubeck: EU embargo on Russian oil within days

The European Union will reach an agreement on imposing an embargo on oil imports from Russia “within days”, German Economy Minister Robert Habeck discounted on Monday, but added that in order to reduce Moscow’s revenues, the imposition may be needed. oil prices in international markets.

“We will reach an agreement within days,” Mr Habeck said during a broadcast on German public broadcaster ZDF when asked about the progress of negotiations in the EU on imposing an embargo in retaliation for the Russian military invasion. in Ukraine on 24 February.

He warned, however, that the measure would not automatically weaken the Kremlin.

Rising oil prices on international markets after the US announced its own embargo on Russian crude have allowed Moscow to increase its revenues by selling smaller quantities.

The European Commission and the United States are therefore working on a proposal to impose an international oil price cap, according to Mr Habeck.

“Obviously this is an unusual measure, but we are living in unusual times,” explained the economy minister of Europe’s largest economy. The measure “only works if many countries embrace it” and that proves to be the problem, he added.

SOURCE: AMPE

Source: Capital

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