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Free AccessGermany Ready to Support Russian Oil Ban If It's Gradual
- 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 on Wednesday.
- 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
- Formal EU proposals could be put forward for approval as early as next week. A final decision on the precise mechanics of how the bloc will target oil has yet to be finalized, one of the people said.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.