FirstFT: EU steps up action on Russian oil sanctions

FirstFT: EU steps up action on Russian oil sanctions

Germany has called for a phased-in ban on Russian oil imports to the EU, stepping up pressure on Brussels to find a deal between divided member states ahead of a crunch week for the bloc’s policy on Russian energy.

Jörg Kukies, one of chancellor Olaf Scholz’s closest advisers, said Berlin was in favour of an oil embargo but needed a “few months” to prepare for an end to Russian crude shipments. Germany had previously said it would need until the end of the year.

With the EU this week discussing its toughest sanctions yet on Moscow, Berlin’s willingness to speed up its timetable increases the likelihood of a full EU oil embargo.

Germany was initially reluctant to target Russian oil at the outset of Vladimir Putin’s invasion of Ukraine, but it has shifted its position as the war has continued, in a sign of the EU’s determination to stop paying Moscow for energy in spite of the potential economic impact on the bloc.

“We’re asking for a considered wind-down period,” Kukies told the Financial Times. “We want to stop buying Russian oil, but we need a bit of time to make sure we can get other sources of oil into our country.”

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