Germany will support an EU oil embargo on Russia

Germany will support an EU oil embargo on Russia

London (CNN Business) – Germany is ready to support a European ban on imports of Russian oil, and won’t be “blackmailed” by Moscow into paying for natural gas in rubles.

Speaking to CNN’s Julia Chatterley on Monday, finance minister Christian Lindner said Germany would agree any new sanctions on Russia with its partners in the European Union.

“Germany stands ready for new sanctions, including an oil embargo,” he said.

The European Union has already agreed to phase out Russian coal imports as part of a fifth wave of sanctions imposed on Russia over its invasion of Ukraine.

But the bloc has found it much harder to reach consensus on joining a US-led embargo on Russian oil despite weeks of talks. Hungary reiterated its opposition to an oil embargo again on Monday, Reuters reported.

These maps show how natural gas is behind Russia’s power

These maps show how natural gas is behind Russia’s power 03:25

Lindner said he did not want to speculate on whether some EU member states, such as Hungary, would have to be given exemptions or carve outs from an oil embargo.

“I can assure you that Germany is ready to reduce oil imports, we know others are considering this question carefully,” he added.

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