EU countries have taken weeks to agree on the details of a new measure, and discussions will continue over the weekend before the European Commission finalizes a proposal for approval by EU ambassadors. The ambassadors 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 officials and diplomats requested anonymity due to the sensitive nature of the talks. The oil embargo will be a significant aspect of the EU's sixth package of sanctions in response to Russia's invasion of Ukraine on Feb. 24. This package will also include sanctions against Russia's largest bank, Sberbank, and additional measures targeting prominent Russians. Unless Hungary makes a last-minute demand, the process of completing the embargo on Russian oil should not require an EU leaders' meeting, saving time and effort. The embargo is expected to impact Russian oil transported by tankers faster than oil delivered by pipeline, which could take several months. It is likely that the EU will allow its members to phase out existing contracts with Russian oil companies, similar to the approach taken with the coal ban. Germany's role has been crucial in finalizing the new measure, as the country was importing a significant amount of oil from Russia prior to the Ukraine invasion. Germany's energy minister, Robert Habeck, stated that Germany has successfully reduced its reliance on Russian oil imports to just 12%, making a full embargo "manageable." Habeck mentioned that the problem seemed much larger a few weeks ago but has now become smaller. He also mentioned that Germany is close to achieving independence from Russian oil imports, without providing details on how this was achieved so quickly. Russia is Europe's main oil supplier, providing a quarter of the bloc's annual needs. As the oil embargo is implemented, the EU plans to increase imports from other sources like Persian Gulf countries, Nigeria, Kazakhstan, and Azerbaijan to make up for the shortfall. However, the embargo, even with a gradual phase-in period, is expected to impact global oil prices and worsen already high energy costs worldwide. US Treasury Secretary Janet Yellen suggested a way to reduce the impact, which was to impose tariffs or set a price cap on Russia's oil rather than implementing a complete embargo. However, European officials stated that this proposal did not receive much support.