EU Oil Ban "Within Days": German Economy Minister

Germany’s economy minister Robert Habeck told German broadcaster ZDF that an agreement on the EU oil ban against Russia was ‘within days’.

• The EU has conceded that an oil ban by the bloc would not be enough to hit Russia’s revenue streams as crude flows head to other markets instead.
• The EU and the US are looking to cap Russia’s global crude prices to try and dent the Kremlin’s finances as the country sells lower volumes than before the invasion of Ukraine but are taking advantage of a higher priced overall market - even with discounts in place.
• Speaking on the cap, "It is obviously an unusual measure, but these are unusual times," Habeck said. "This path only works if many countries get on board and that's proving to be the sticking point."