Fuel tanks of Russian multinational energy corporation Lukoil at its headquarters in Brussels, Belgium. For several days the price of petrol and diesel have exceeded the bar of two Euro per litre. [Stephanie Lecocq / EPA-EFE]
OilPrice.com: EU In Talks With Alternative Suppliers As It Considers A Russian Oil Ban
The European Union is in talks with oil-producing countries for potential deals to get quickly non-Russian oil supply as it is discussing a ban on imports from Russia, an EU source told Reuters on Wednesday.
The EU and its executive arm, the European Commission, have been considering an embargo on Russian oil as the West is looking to step up sanctions against Russia over its war in Ukraine and deprive Vladimir Putin of one of his key budget revenues—energy sales.
The EU, however, continues to be split on the idea of a Russian oil embargo, with Germany leading the group opposing an immediate ban. If Germany could be persuaded to start shifting its position on an oil ban—including by a possible proposal of a gradual phase-out in the embargo—the other smaller countries that have been resisting an oil embargo could change their stance, too, according to the Reuters source.
Read more ....
Update #1: An EU embargo on Russian oil in the works - French minister (Reuters)
Update #2: EU closes in on Russian oil ban — but how tough will it be? (Politico)
WNU Editor: There is opposition in the EU to these sanctions .... ‘We will not support sanctions on Russian oil and gas,’ Hungarian foreign minister says (The Independent). More here .... Ukraine war: Where does each EU country stand on cutting off Russian oil and gas? (Euronews).
Update #3: It looks like this prediction is going to happen .... JP Morgan Says If The EU Imposes A Full Embargo On Russian Oil Next Week, Oil Prices Will Hit $185 Per Barrel (April 19, 2022).
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