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EU leans towards Russian oil ban by year-end, diplomats say

EU leans towards Russian oil ban by year-end, diplomats say

BRUSSELS: The European Union is leaning towards a restriction on imports of Russian oil by the end of the year, two EU diplomats stated, after talks between the European Commission and EU member states this weekend.
The European Union is preparing a 6th bundle of sanctions against Russia over the invasion just over two months ago of Ukraine that Moscow calls a special military operation.
The bundle is expected to target Russian oil, Russian and Belarusian banks, as well as more individuals and business.
The Commission, which is collaborating the EU action, held talks called “confessionals” with small groups of EU countries and will intend to tighten its sanctions plan in time for a conference of EU ambassadors in Brussels on Wednesday.
EU energy ministers are likewise due to fulfill in the Belgian capital on Monday to discuss the problem.
The EU diplomats stated some EU nations were able to end their use of oil before completion of 2022, however others, especially more southerly members, were concerned about the effect on rates.
Germany, one of the bigger purchasers of Russia oil, appeared to be happy to support the end-2022 cut-off, the diplomats said, however nations consisting of Austria, Hungary, Italy and Slovakia still had appointments.
Some EU countries have actually proposed selecting a cap on the price they are ready to spend for Russian oil. However, it would still leave them required to pay greater costs for materials from in other places.

Released at Sun, 01 May 2022 11:30:51 +0000

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