Russian oil is included in the 6th package of EU sanctions

An oil refinery in the Irkutsk region of Russia – Photo: REUTERS

On May 2, AFP news agency quoted European diplomats as saying that the ban oil could be included in the sanctions package thanks to Germany’s change of mind. However, the new sanctions will not affect Russia’s gas exports.

According to sources, the European Commission (EC) is drafting a document to be delivered to the 27 member states as early as May 4. The agency will propose a moratorium over the next six to eight months to allow countries to diversify their oil supplies.

Some countries fear that an embargo on Russian oil could increase oil prices, while Hungary is expected to oppose the measure. “We have to act with extreme caution,” said an unnamed official.

Some countries have proposed a ceiling on the price of oil imported from Russia, but they will still have to pay more to buy oil from other sources when prices rise.

Germany is one of the countries that support the embargo on Russian oil. On May 1, German Economy Minister Robert Habeck said Germany could stop importing Russian crude by the end of this summer.

Reuters news agency said that the EU’s sixth package of sanctions will also include banks of Russia, Belarus and more individuals and companies.

EU energy ministers are scheduled to meet in Belgium on May 2, local time, to discuss new sanctions.

Earlier, Ukraine’s Foreign Minister Dmytro Kuleba said that during a meeting with the EU’s top diplomat Josep Borrell, he had asked to include Russian oil in the next package of European sanctions. “We have to use our financial and economic might to force Russia to pay for what it’s doing,” Borrell replied.

US Treasury Secretary Janet Yellen also warned that a European embargo on Russian oil would have little effect because Russia would still benefit from exporting high-priced oil elsewhere.