German economy minister expects EU embargo on Russian oil 'within days'
German Economy Minister Robert Habeck said he expects an embargo on Russian oil imports within days, warning that an embargo would not automatically weaken the Kremlin as rising prices were enabling it to rake in more income while selling lower volumes of oil.
- Economy
- Reuters
- Published Date: 11:44 | 23 May 2022
- Modified Date: 12:28 | 24 May 2022
The European Union will likely agree an embargo on Russian oil imports "within days", German Economy Minister Robert Habeck told broadcaster ZDF on Monday.
"We will reach a breakthrough within days," Robert Habeck told German broadcaster ZDF when asked about an EU oil embargo in retaliation for Russia's invasion of Ukraine.
Habeck warned, however, that an embargo would not automatically weaken the Kremlin as rising prices were enabling it to rake in more income while selling lower volumes of oil.
Therefore, the European Commission and United States were working on a proposal to no longer pay "any price" for oil, but to cap global prices, he said.
"It is obviously an unusual measure, but these are unusual times," he said. "This path only works if many countries get on board... and that's proving to be the sticking point."