Russian Oil Embargo Looms As EU Prepares New Sanctions vs Russia

The European Union's executive is drafting proposals for an EU oil embargo on Russia, the foreign ministers of Ireland, Lithuania, and the Netherlands said on Monday, although there was no agreement to ban Russian crude, Reuters reported.

Photo Insert: The Gazprom headquarters

Many of the ministers who are meeting in Luxembourg showed support for sanctions on Russian oil imports, the EU's top diplomat Josep Borrell said, but for others, such a ban would constitute an "asymmetric shock," he said.

The bloc agreed, however, to intensify the delivery of weapons to Ukraine, Germany said. "They are now working on ensuring that oil is part of the next sanctions package," Irish Foreign Minister Simon Coveney said of the European Commission.

Targeting Russian oil, which makes up about a quarter of the EU's crude imports, is seen as the EU's next step as it seeks to pressure Russia to halt the shelling of Ukrainian cities following Moscow's Feb. 24 invasion of Ukraine.

Galvanized by what Ukraine says are senseless killings of civilians by Russian troops since the invasion, the bloc last week approved a fifth round of sanctions on Russia that included an end to Russian coal imports.

Russia has denied targeting civilians in what it calls a "special operation" to "denazify" its southern neighbor. "Nothing is off the table, including sanctions on oil and gas," Borrell said. He has previously said an embargo must happen "sooner or later."

The European Parliament last week voted for an embargo, although its decision is not binding. European Commission President Ursula von der Leyen said on April 5 that she was considering additional sanctions, including on oil imports, based in part on proposals from EU governments.

Those ideas include imposing tariffs on Russian oil, or a ban on some oil products. Borrell said EU states were also working independently to reduce their dependency.

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