The Russian oil embargo may be part of the next EU sanctions package

The Russian oil embargo may be part of the The European Commission, the European Union’s executive arm, is preparing proposals for an EU embargo on Russian oil, the foreign ministers of Ireland, Lithuania and the Netherlands said on Monday, although there is no agreement yet.

Referring to the commission, Irish Foreign Minister Simon Coveney said as he arrived for a meeting with his EU counterparts in Luxembourg, “They are now working to ensure that oil is part of the next package of sanctions.”

“The European Union is spending hundreds of millions of euros on importing oil from Russia, and this certainly contributes to the financing of this war. We need to cut this funding…the sooner, the better,” Coveney added.
His Dutch and Lithuanian counterparts also said that they are open to discussing ways to target Russian oil, which accounts for about a quarter of the European Union’s imports of crude oil, as a means of putting pressure on Russia to stop the bombing of Ukrainian cities.