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Germany expects "breakthrough" in EU regarding embargo on russian oil - Minister of Economy

The European Commission and the U.S. are cooperating on proposals to limit global oil prices.

Germany expects "breakthrough" in EU regarding embargo on russian oil - Minister of Economy
Photo: ukrinform.ua

The European Union may reach an agreement on the embargo on russian oil in the coming days.

Federal Minister for Economic Affairs and Climate Action Robert Habeck said this on broadcast of the German radio station ZDF, reports Radio Liberty.

"We will achieve a breakthrough in the coming days," he said in response to a question about the oil embargo.

At the same time, the minister stressed that the rejection of russian oil will not automatically mean the weakening of russian president Vladimir Putin. According to him, world oil prices increased drastically after the refusal of russian oil products was announced by the United States, so the kremlin could sell less fuel above the price.

According to Habeck, the European Commission and the U.S. are collaborating on proposals to limit global oil prices.

"These are obviously unusual measures, but these are unusual times. It will only work if many countries join ... and that has proven to be a sticking point," the German official added.

Earlier, Vice President of the European Parliament Katarina Barley called for a decision on the planned oil embargo against russia without the participation of Hungary.

The adoption of the sixth package of EU sanctions against russia for its military invasion of Ukraine has been delayed due to the position of a number of countries most dependent on russian oil supplies. The EU offered them a postponement to find new suppliers of raw materials: Prague could launch the embargo from July 2024, and Budapest and Bratislava from 2025.

However, for Hungary, this proposal did not seem profitable enough. In exchange for agreeing to the oil embargo against russia proposed by the European Commission, Budapest is demanding billions in aid from the EU.

The U.S. also said it would propose that European countries impose tariffs on russian oil as an early alternative to a direct oil embargo.

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