EU to Propose Phasing Out Russian Oil, Eyes Ban By Year-End

The European Union is reportedly set to propose phasing out of Russian oil ahead of plans to stop importing Moscow’s highly lucrative energy products by the end of the year.

The EU’s executive branch, the European Commission, is drafting a text that could be presented to the bloc as early as Wednesday, sources told the news agency AFP.

The proposed ban would be effective after six to eight months, to give the region enough time to find other energy sources.

Diplomats told AFP that the proposal was made possible by Germany’s change of stance on banning oil imports from Russia. Berlin had earlier said that such a move would do too much economic harm to the bloc, which heavily relies on Russia for its energy needs.

“We must use our economic and financial abilities to make Russia pay the price for what its doing,” said EU foreign policy chief Josep Borrell, citing Russia’s intensifying attacks in Ukraine.

Making the ban effective requires unanimous agreement. Hungary is expected to oppose the resolution over its dependence on Russian oil and close ties with the Kremlin.

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