German Economy Minister Anticipates EU Embargo on Russian Oil ‘Within Days’ – ZDF, Reuters

Germany’s economy minister, Robert Habeck, stated on Monday that the European Union is expected to reach an agreement on an embargo on Russian oil imports “within days.” This action is being considered in response to Russia’s invasion of Ukraine.

Habeck explained that while a ban on oil imports may be imminent, it may not significantly impact the Kremlin’s finances. He pointed out that the rise in global oil prices—triggered by the United States’ decision to impose an embargo on Russian oil—has allowed Russia to maintain high revenues despite reducing sales volumes.

In light of this, the European Commission and the United States are collaborating on a strategy to introduce a cap on global oil prices, rather than allowing the market to dictate prices freely. Habeck acknowledged that such a measure is unconventional but emphasized that these are unprecedented times. He noted that the success of this approach hinges on the cooperation of many countries, which has proven to be a challenging obstacle.