EU prepares sanctions on Russian oil
The European Union was preparing sanctions on Russian oil sales over its military operation in Ukraine after a major shift on Monday by Germany, Russia's biggest energy customer, that could deprive Moscow of a large revenue stream within days. The European Commission is expected to propose a sixth package of EU sanctions this week against Russia over its February 24 attack on Ukraine, including a possible embargo on buying Russian oil. Kyiv says Russia's energy exports to Europe, so far largely exempt from international sanctions, are funding the Kremlin war effort with millions of euros every day. "This package should include clear steps to block Russia's revenues from energy resources," Ukrainian President Volodymyr Zelenskiy said in his nightly video address. Germany said on Monday it was prepared to back an immediate EU embargo on Russian oil. "We have managed to reach a situation where Germany is able to bear an oil embargo," German Economy Minister Robert Habeck said. Chancellor Olaf Scholz, who has been more cautious than other Western leaders in backing Ukraine, has been under growing pressure to take a firmer line. Scholz vowed sanctions will not be lifted until Russian President Vladimir Putin signs a peace deal with Ukraine that Kyiv can support, he said in an interview with ZDF public television. Weaning Europe off Russian oil is likely to be easier than reducing dependence on Russian natural gas. Moscow has demanded European customers pay for gas in roubles, which the EU rejects. Last week, Moscow cut off supplies to Poland and Bulgaria. EU ministers meeting on Monday warned that complying in full with Moscow's demand for gas payments in roubles would breach existing EU sanctions. Ambassadors from EU countries will discuss the proposed oil sanctions when they meet on Wednesday. (Reuters)