The European Union is expected to ban imports of Russian oil by the end of the year, according to Reuters (subscription).
What’s happening: This new development stems from talks between the European Commission and EU member states this past weekend.
- A full ban on Russian oil imports by the end of the year is projected to be a part of the EU’s next package of sanctions against Russia.
- Other new sanctions will likely target more Russian and Belarusian banks, prominent individuals and companies.
Germany’s move: Germany is Europe’s largest economy and one of the biggest buyers of Russian oil. An adviser to Chancellor Olaf Scholz says Germany supports a ban on Russian oil but needs some time to prepare alternative oil sources.
The reaction: “EU diplomats said some EU countries were able to end their use of oil before the end of 2022, but others, particularly more southerly members, were concerned about the impact on prices.”
- Countries still holding reservations about the projected ban include Austria, Hungary, Italy and Slovakia, according to diplomats who spoke with Reuters.
Next steps: On Wednesday, EU ambassadors are expected to meet in Brussels to discuss the oil ban and logistics surrounding the new sanction plan.
Our take: “Manufacturers have a proud history of standing firm in support of democracy, and we stand with the Ukrainian people,” NAM President and CEO Jay Timmons said previously in a statement.
- “The free world must come together to denounce the unprovoked Russian aggression, save lives and end the humanitarian crisis unfolding before our eyes. Ending the conflict is also critical to protecting livelihoods in America and around the world. Manufacturers are already feeling the serious economic disruption, which jeopardizes the jobs of America’s manufacturing workers.”