THE European Union focuses on banning Russian oil imports by the end of the year, said two European diplomats, following talks between the European Commission and EU member states this weekend, with some member states, however, appearing cautious.
Brussels is preparing a sixth package of sanctions against Russia over its invasion of Ukraine.
The package will target Russian oil, Russian and Belarusian banks, as well as more individuals and companies.
The Commission has been in talks with small groups of EU member states and will seek to finalize the draft sanctions in time for the EU ambassadors’ meeting in Brussels on Wednesday.
The energy ministers of the EU Member States are also going to meet in Brussels on Monday to discuss the issue.
EU diplomats say some EU countries have managed to end their use of oil before the end of 2022, but others, mainly southern European member states, are concerned about the impact on prices.
Germany, one of the largest buyers of Russian oil, appears willing to meet this deadline at the end of 2022, said diplomats, however countries such as Austria, Hungary, Italy and Slovakia still have reservations.
Some EU countries have proposed the option of setting a price ceiling that they are willing to pay for Russian oil. However, this would still force them to pay higher prices for supplies from elsewhere.
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