The European Union is likely to agree on an embargo on Russian oil imports “in a few days,” German Economy Minister Robert Habeck told ZDF on Monday.
Robert HabeckPhoto: Action Press / Shutterstock Editorial / Profimedia
Habeck warned, however, that an embargo would not automatically weaken the Kremlin, as rising prices would allow it to earn more while selling smaller volumes of oil.
Therefore, it was considered not to pay “any price” for oil, but to agree on the upper limits, he said. For this to work, however, countries would have to agree.
The German economy minister warned Hungary at the Davos Economic Forum not to block efforts to impose a European Union embargo on Russian oil imports in response to the war in Ukraine, Reuters reported.
He expressed disappointment that the European Union had not yet reached an agreement on Russia’s oil embargo, saying that Germany would even be willing to give up Hungary’s participation in the decision-making process so that the embargo could be imposed as soon as possible.
“There are different solutions for different countries. I expect everyone, including Hungary, to work for a solution, “German Economy Minister Robert Habeck told the Davos Economic Forum on Monday.
Of the 27 member states of the European Union, Hungary is the most vocal critic of the planned Russian oil embargo.
The European Commission has proposed phasing out Russian oil imports by the end of the year in most Member States, while Hungary and other countries could be given more time.
For the embargo to be implemented, the European Union needs the agreement of all 27 Member States.