Germany ready to back gradual ban on Russian oil

Germany ready to back gradual ban on Russian oil

Germany is prepared to back a gradual ban on Russian oil as European Union countries scramble to respond to an escalating energy crisis that saw Moscow cut off gas supplies to two of the bloc’s member states, Bloomberg reported.

Berlin would support a phased approach to targeting oil rather than some of the other options that have been discussed, such as a price cap or payment mechanisms to withhold parts of Moscow’s revenue, according to people familiar with talks among EU ambassadors. 

The ban would also need to come with a transition period, said the people, who asked not to be identified because the negotiations are private. The EU took a similar, delayed approach when it banned coal earlier this month.

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