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HomeWorldEU moves to place embargo on Russian oil ~French minister

EU moves to place embargo on Russian oil ~French minister

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French Finance Minister Bruno Le Maire said on Tuesday that an embargo on Russian oil at a European Union level was in the works, adding that France’s President Emmanuel Macron wants such a move.

“I hope that in the weeks to come we will convince our European partners to stop importing Russian oil,” Le Maire told Europe 1 radio.

Last week officials of the EU disclosed a draft plan for an embargo on Russian oil products was being prepared in a bid to punish Russia for its invasion of Ukraine.

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However, the move had been resisted because of its big costs for Germany and its potential to disrupt politics around the region and increase energy prices.

The European bloc had earlier this month banned Russian coal for the first time — with a four-month transition period to wind down ongoing orders.

The European Union is now likely to adopt a similarly phased ban of Russian oil, E.U. officials and diplomats said. The approach is designed to give Germany, in particular, time to arrange alternative suppliers.

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