Germany ready to support Russia oil embargo
May 3, 2022 - German foreign minister Annalena Baerbock says the country is now ready to support an embargo of Russian oil-imports in a new sanctions package, a measure it has thus-far resisted.
The European Commission is expected to propose a sixth package of EU sanctions this week against Russia over its invasion of Ukraine, including a potential embargo on buying Russian oil – a measure that would deprive Moscow of a large revenue stream, but that has so far divided EU countries, according to Reuters.
Russia supplies 26% of EU oil imports.
To keep the 27-nation bloc united, the Commission may offer Hungary and Slovakia an exemption or a long transition period – with any overall ban likely to be phased in by the year-end. Both Hungary and Slovakia are heavily dependent on Russian crude. Hungary has said it would oppose energy sanctions.