And approve sanctions against Russia's Sberbank.
The European Union is likely to approve a phased ban on Russian oil next week. According to the New York Times, citing officials and diplomats close to the process. Subsequently, the European Commission will be able to make a final proposal on new measures. EU ambassadors are set to meet on Wednesday and await final approval by the end of the week.
It is noted that the future package will also include sanctions against Russia's largest bank, Sberbank, which has so far avoided restrictions, and additional measures against Russian officials.
As for the embargo, initially sources expect a ban on Russian oil transported by tankers. The ban on pipeline oil could take several months.
However, as in the case of the coal embargo, which took four months to fully implement, the EU may allow member states to phase out existing contracts with Russian oil companies at both stages of the ban.
Germany's position was important in the development of the sixth package of sanctions. It is the largest economy in the European Union, and about a third of its oil needs were covered by Russian supplies at the beginning of Russia's full-scale war against Ukraine. However, the state managed to reduce its dependence on oil from Russia to 12 percent, which allowed it to impose an embargo.
According to officials, after the introduction of a ban on Russian oil, the European Union will try to compensate for the deficit by increasing imports from other countries, including the Persian Gulf, Nigeria, Kazakhstan and Azerbaijan. But new sanctions against Russia will still affect global oil prices.
Earlier it was reported that Germany has agreed to a full embargo on Russian oil , provided that Berlin will have enough time to ensure alternative supplies.
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