European Union countries are likely to approve a phased embargo on Russian oil next week.
This was reported by The New York Times, citing its sources.
It took the EU countries a few weeks to agree on oil sanctions; intensive negotiations will continue this weekend. On Wednesday, the European Commission will present a final proposal to EU members. The final decision is expected to be taken by the end of next week.
The oil embargo will be introduced gradually; during this time, the EU will try to substitute russian oil by increasing imports from the Persian Gulf countries, Nigeria, Kazakhstan, and Azerbaijan.
The oil embargo will be the most significant and most important new step in the sixth package of EU sanctions. The package will also include sanctions against russia's largest bank, "Sberbank," and additional measures against high-ranking russians.
Russia is the largest oil supplier in the EU; it provides about a quarter of its annual needs, which is about half of Russia's total exports.
On April 26, Federal Minister for Economic Affairs and Climate Action Robert Habeck said Germany was ready to stop buying Russian oil.
The United States banned Russian oil and gas imports on 8 March 2022. In addition, the United Kingdom announced that it would stop importing Russian oil by the end of the year on the same day.