The European Union is close to agreeing on an embargo on Russian oil imports, Germany’s economy minister told broadcaster ZDF Monday night.
“We will reach a breakthrough within days,” Robert Habeck said.
But he added that such a ban would not hurt Russia immediately since the surge in global oil prices had meant that it was earning more for lower volumes.
Instead, Habeck said, the EU and US are considering a proposal to cap global oil prices – an “unusual measure,” he admitted, before adding, “but these are unusual times.”
Russia supplies 40% of the EU’s natural gas and 27% of its imported oil – the EU pays the country roughly €400 billion a year for this supply.
The EU has also announced long-term plans to shift to green energy sources to stop relying on Russian oil and gas completely.