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The European Union is preparing another round of sanctions on Russian oil imports following a major shift in Germany’s position.
These measures are expected to deprive Moscow of a major source of revenue in just a few days. The European Commission is proposing this week a package of six sanctions, including a possible embargo on Russian oil purchases.
German officials announced Monday that official Berlin is ready to support an immediate EU oil embargo on Russia. Germany is the country with the highest consumption of Moscow energy products.
Russian energy exports, Moscow’s largest source of revenue, have so far been largely exempt from international sanctions related to the war in Ukraine. Kiev says this means that European countries are financing the Kremlin war, sending hundreds of millions of euros to Moscow every day.
“We have managed to reach a situation where Germany is able to withstand an oil embargo. This does not mean that it will be a decision without consequences. “
Chancellor Olaf Scholz said the sanctions would remain in place until Russian President Vladimir Putin signs a peace agreement with Ukraine. He added that Germany would also not accept the annexation of Crimea by Russia. The ambassadors of the EU countries will discuss the proposed sanctions on Russian oil during a meeting on Wednesday.
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