The European Union will fully embargo Russian oil within nine months, European Commissioner for Economy Paolo Gentiloni said in an interview with the Italian newspaper Il Messaggero published on Friday.
The European Union has proposed a phased embargo of Russian oil but may find it tricky to implement, given Europe’s complex distribution network and challenges in tracking crude once it is blended or refined.
Romania supports the European Commission’s decision to phase out oil and petroleum products imports from Russia.
The European Union is expected to target oil imports from Russia in a fresh sanctions package aimed at undermining the finances of Moscow and its ability to wage war in Ukraine.
Two months after warning that Beijing appeared poised to help Russia in its fight against Ukraine, senior US officials say they have not detected overt Chinese military and economic support, a welcome development in the tense US-China relationship.
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A refinery owned by French supermajor TotalEnergies in Germany is expected to continue importing Russian crude oil via pipeline at least through the end of this month, sources familiar with the matter told Reuters on Tuesday.
The European Union may agree to a ban on Russian oil imports by the end of this week, despite concerns that this would further boost oil prices.
Egypt’s non-oil exports increased significantly in the first three months 2022.
In significant development Germany said it was prepared to back an immediate European Union embargo on Russian oil, possibly paving the way of imposing such a ban within days, while efforts to evacuate civilians from devastated Ukrainian port city of Mariupol ran into delays.