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

BRUSSELS: The European Union is leaning toward a ban on imports of Russian oil by the end of the year, two diplomats said, after talks between the European Commission and EU member states this weekend.

The European Union is preparing a sixth package of sanctions against Russia in response to the invasion of Ukraine. The package is expected to target Russian oil, Russian and Belarusian banks, as well as more individuals and companies.

The Commission, which is coordinating the EU response, held talks dubbed “confessionals” with small groups of EU countries and will aim to firm up its sanctions plan in time for a meeting of EU ambassadors in Brussels on Wednesday.

EU energy ministers are also due to meet in the Belgian capital on Monday to discuss the issue.

The EU diplomats said some EU countries were able to end their use of oil before the end of 2022, but others, particularly more southerly members, were concerned about the impact on prices.

Germany, one of the bigger buyers of Russia oil, appeared to be willing to go along with the end-2022 cutoff, the diplomats said, but countries including Austria, Hungary, Italy and Slovakia had reservations.

An adviser to Chancellor Olaf Scholz said Germany backs an EU ban but needed a few months to secure alternatives.