After much hesitation, the EU has reached an agreement on the embargo on Russian oil. It took the ban on gas exports from Moscow to Poland and Bulgaria – which refused to pay for them in rubles – to finally convince member states. Friction remains over timing, but agreement is being reached, Repubblica writes. Germany, for example, is asking for a transitional period of around six months for concluding contracts, but it seems that the request is not being granted. The Extraordinary Council of Energy Ministers is scheduled for May 2nd and Coreper could convene to vote immediately afterwards. After that, the ball goes to the commission, which will finally determine the measures and make them official. The aim is to close next week. According to the International Energy Agency, Russia sells around $700 million worth of oil every day. The EU’s move included in the sixth package of sanctions aims to deal a serious blow to Moscow’s economy. It’s not yet clear how Russian crude will be replaced, but oil has a more flexible market than gas and finding alternative suppliers shouldn’t be too complicated.
