In new wave of sanctions, European Union to phase out Russian oil: Report
The European Union is going to phase out Russian oil imports due to its invasions of Ukraine, sources told the news agency AFP.
One official told AFP on condition of anonymity, "We must be very attentive to market reactions."
"There are solutions and we will get there in the end, but we must act with great care," the official said.
Currently, the 27-nation bloc is preparing the text of the sanctions and it will implement the ban in phases to give countries time to diversify their supply in six to eight months.
It comes after the European Commission's President Ursula von der Leyen vowed a ''coordinated'' response against Russia.
Previously, Russian gas giant Gazprom had stopped its supply to Poland and Bulgaria after they refused to pay the company in roubles.
EU is banking on a new pipeline called the Gas Interconnector Greece-Bulgaria which will carry 3 billion cubic meters of gas per year.
The pipeline, worth 240 million euros ($250 million), is due to start commercial operation in June.
Europe’s largest economy, Germany has said that it is making progress on weaning itself off Russian fossil fuels.
Expecting to be fully independent of Russian crude oil imports by late summer, it has already reduced its share of Russian energy imports to 12 per cent for oil, 8 per cent for coal, and 35 per cent for natural gas.
According to Germany's Economy and Climate Minister Robert Habeck, “All these steps that we are taking require an enormous joint effort from all actors and they also mean costs that are felt by both the economy and consumers.”
“But they are necessary if we no longer want to be blackmailed by Russia,” Habeck added.