EU countries have taken weeks to reach an agreement on the details of a new measure, with discussions continuing intensively over the weekend. The European Commission will present a finalized proposal for approval by EU ambassadors, who are expected to meet on Wednesday and give their final approval by the end of the week, according to several EU officials and diplomats involved in the process. The oil embargo will be a significant part of the EU's sixth package of sanctions against Russia since the invasion of Ukraine on Feb. 24, including sanctions on Russia's largest bank, Sberbank, and additional measures targeting prominent Russians. Officials and diplomats spoke anonymously due to the sensitive nature of the ongoing talks. Unless Hungary makes a last-minute request, the process should be completed without the need for an EU leaders' meeting, which would be time-consuming. The embargo is expected to impact Russian oil transported by tankers more quickly than oil coming by pipeline, although it may still take months. The EU is likely to allow its members to gradually end existing contracts with Russian oil companies, similar to the approach taken with the coal ban, which had a four-month implementation period. Germany's role has been crucial in finalizing the new measure, as the country was importing a significant amount of oil from Russia at the time of the Ukraine invasion. Germany's energy minister, Robert Habeck, stated that Germany has been able to reduce its reliance on Russian oil to just 12% in recent weeks, making a full embargo on Russian oil "manageable." Habeck mentioned during a visit to Warsaw that what was once a significant problem for Germany has now become much smaller, bringing the country close to independence from Russian oil imports. However, Habeck did not elaborate on how this was achieved so rapidly. Russia is Europe's main oil supplier, meeting about one-quarter of the bloc's annual needs. With the embargo being gradually implemented, the EU plans to compensate for the shortfall by increasing imports from other sources like Persian Gulf countries, Nigeria, Kazakhstan, and Azerbaijan. Despite a phased approach to the embargo, it is expected to impact global oil prices and exacerbate already high energy costs worldwide. US Treasury Secretary Janet Yellen proposed a suggestion to reduce the impact, which was to place tariffs or a price limit on Russia's oil rather than implementing a complete embargo. However, European officials stated that this idea did not receive much support.