EU could propose Russian oil embargo tomorrow

The EU is working out the details on a sixth sanctions package that will “tackle oil imports”, top EU diplomat Josep Borrell tweeted today.

Borell said the block’s next round of sanctions will be in response to “Russia’s unprovoked war against Ukraine [which] affects global security.”

The measures will be presented to the heads of EU member states at the European Council level, and also include de-swifting more banks and drawing up a list of disinformation actors, according to Borell.

The sanctions are expected to be announced by European Commission President Ursula von der Leyen tomorrow, a Reuters report cited EU officials saying.

Momentum has built for an EU-wide embargo on Russian oil imports, with Germany recently getting behind it. Possible supply disruptions and price pressure could hurt German consumers, but German policymakers believe the impact can be handled as it has made strides towards finding alternative supplies in recent weeks.

Hungary and Slovakia have voiced reservations and may be exempted if the EU forges ahead with a ban.