EU countries have taken weeks to reach an agreement on the details of the measure, and discussions will continue over the weekend. The European Commission will then finalize a proposal for EU ambassadors to approve, with a meeting set for Wednesday. The oil embargo is seen as a significant step in the EU's sanctions against Russia, with additional measures also expected to be implemented. EU officials and diplomats involved in the process spoke anonymously due to the sensitive nature of the talks. Unless Hungary makes a sudden last-minute request, the process should be completed without the need for an EU leaders' meeting, saving the effort of bringing together all 27 heads of state in Brussels. The embargo is expected to impact Russian oil transported by tankers more quickly than oil transported by pipeline, which could take several months. It is likely that the EU will allow its members to gradually phase out existing contracts with Russian oil companies, similar to how it handled the coal ban with a four-month implementation period. Germany's role has been crucial in finalizing the new measure, as the country imported about one-third of its oil from Russia at the time of the Ukraine invasion. Germany's energy minister, Robert Habeck, stated that the country has managed to reduce its reliance on Russian oil imports to just 12% in recent weeks, making a full embargo "manageable." Habeck mentioned during a visit to Warsaw, Poland, that what was once a major issue for Germany has now become much less significant. He noted that Germany is close to achieving independence from Russian oil imports, without providing details on how this was achieved so quickly. Russia supplies about a quarter of Europe's yearly oil needs, making it the largest oil supplier to the region. To compensate for the embargo, the European bloc plans to increase imports from other sources such as Persian Gulf countries, Nigeria, Kazakhstan, and Azerbaijan. Despite a gradual phase-in period for 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 impose tariffs or a price cap on Russia's oil instead of implementing a complete embargo. However, European officials stated that this idea did not gain support.