Reports indicate that the European Union is on the verge of slamming Russia with an oil embargo as a punishment for its invasion of Ukraine. Consequently, the bloc will be relying on Nigeria and some oil producing countries to bridge the shortfall.
The New York Times reported Friday that the oil embargo would be phased in over a period of some months.
Quoting EU officials who spoke on condition of anonymity, the newspaper said the new resolution is expected to be approved by E.U. ambassadors next week as part of plans to avoid delays.
The EU resolution comes against the background of new assessments that the Russian military’s eastern offensive was faltering amid plans to provide Ukraine with more weapons and support.
With about one quarter of the Europe’s yearly oil needs coming from Russia, European countries rely heavily on Russia for supply. But officials said the union is looking elsewhere for oil supply.
“As the oil embargo is phased in, officials said the bloc would seek to make up the shortfall by increasing imports from other sources, like Persian Gulf countries, Nigeria, Kazakhstan and Azerbaijan,” the New York Times reported Friday, quoting officials.
Since the invasion of Ukraine earlier in thee year, the EU embargo—If enacted— will be the biggest and most important new step in the E.U.’s sixth package of sanctions against Russia.
The new sanctions will also be directed at Russia’s biggest bank, Sberbank, according to officials who spoke to the New York Times.