THE European Union will reach agreement on imposing embargo on oil imports from Russia “within days”, discounted yesterday Monday the Minister of Economy of Germany, Robert HabeckHowever, he added that in order to reduce Moscow’s revenues, it will probably be necessary to impose a limit on oil prices in international markets.
“We will reach an agreement within days,” said Mr Habeck, speaking during a broadcast on the German public television network ZDF, when asked about the progress of negotiations in the EU on imposing an embargo in retaliation for the invasion of the Russian army. 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.
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