European Union countries next week are likely to approve a phased embargo on Russian oil, dealing a significant economic blow to Moscow over its invasion of Ukraine, The New York Times is reporting.
European Union countries next week are likely to approve a phased embargo on, dealing a significant economic blow to Moscow over its invasion of Ukraine, The New York Times is reporting.
As the oil embargo is phased in, the European countries will turn to increased imports from Persian Gulf countries, Nigeria, Kazakhstan and Azerbaijan,The PCK oil refinery in Schwedt, Germany, shown above in 2014, is operated by Russian oil company Rosneft.In addition, a fresh wave of EU sanctions will target Russia’s largest bank, Sberbank, and several high-profile Russians, the officials added.
The reversal from Germany, which had been one of the main opponents of the EU severing oil and gas trade with Russia, comes after Berlin struck a deal with Poland to import oil by way of one of its Baltic Sea ports, according to that report.
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