Germany is now ready to cut off oil purchases from Russia, paving the way for a European embargo on Russian crude, the Wall Street Journal reported, citing Berlin officials.
According to the report, Germany has been the main obstacle to imposing European sanctions on Russia’s energy sector.
However, on Wednesday, Berlin’s representatives in the European institutions said that the country no longer opposes the imposition of an embargo as long as it is given time to secure supply from other producers, according to two sources.
The change in Germany’s stance now increases the likelihood that EU countries will agree to a gradual embargo on Russian oil, which diplomats and officials say could be announced as early as next week.
However, according to the WSJ, the pace at which the EU will end its oil purchases from Russia is still under discussion, as is the possibility of imposing price or tariff ceilings.
However, as the report points out, the US is pressuring Europeans to avoid moves that would lead to a prolonged rise in oil prices.
Source: Capital
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