EU Postpones A Russian Oil Ban Until The End Of The Year

Europe wants to ban Russian oil, but cutting off supplies is an economic and political nightmare  

Reuters: EU leans towards Russian oil ban by year-end, diplomats say 

BRUSSELS (Reuters) -The European Union is leaning toward a ban on imports of Russian oil by the end of the year, two EU diplomats said, after talks between the European Commission and EU member states this weekend. 

The European Union is preparing a sixth package of sanctions against Russia in response to the invasion just over two months ago of Ukraine that Moscow calls a special military operation. 

The package is expected to target Russian oil, Russian and Belarusian banks, as well as more individuals and companies. 

The Commission, which is coordinating the EU response, held talks dubbed "confessionals" with small groups of EU countries and will aim to firm up its sanctions plan in time for a meeting of EU ambassadors in Brussels on Wednesday. 

EU energy ministers are also due to meet in the Belgian capital on Monday to discuss the issue.  

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Update: EU to Propose Phasing Out Russian Oil by the End of the Year (Bloomberg)  

WNU Editor: So much for cutting-off Russian oil this week. 

Bottom line. 

Banning Russian energy supplies carries a cost that the EU is not ready to accept .... Europe wants to ban Russian oil, but cutting off supplies is an economic and political nightmare (Business Insider).