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German VC: I Hope For Russian Oil Embargo Within Days

EU-RUSSIA

Wires reporting comments from German Vice Chancellor and Economy Minister, Robert Habeck, stating that he 'hopes that the EU can agree to an oil ban on Russia within days'.

  • Earlier today, Bloomberg reported that the prospect of an embargo on Russian oil being agreed to by next week's European Council summit was receding due to objections from Hungary. Budapest has stated that revamping the Hungarian oil sector in the wake of a shift from Russian oil would cost EUR770mn.
  • This morning, in a virtual address to the World Economic Forum's annual meeting in Davos, Switzerland, Ukrainian President Volodymyr Zelensky calls for 'maximum sanctions' to be applied on Russia. Argues for a complete oil embargo, the total isolation of the Russian banking sector from the global financial system, the abandonment of Russia's IT sector, and the full suspension of all trade with Russia.
  • Zelenskyy: “All trade with the aggressor should be stopped. All foreign business should leave Russia so that your brands are not associated with war crimes. So that your offices, bills and goods are not used by war criminals in their bloody interests. Values must matter.”
  • Klaus Schwab, CEO and Founder of the WEF: “The war in Ukraine represents a turning point in history and the resulting tragedy will reshape our political and our economic landscape in the coming years,”
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Wires reporting comments from German Vice Chancellor and Economy Minister, Robert Habeck, stating that he 'hopes that the EU can agree to an oil ban on Russia within days'.

  • Earlier today, Bloomberg reported that the prospect of an embargo on Russian oil being agreed to by next week's European Council summit was receding due to objections from Hungary. Budapest has stated that revamping the Hungarian oil sector in the wake of a shift from Russian oil would cost EUR770mn.
  • This morning, in a virtual address to the World Economic Forum's annual meeting in Davos, Switzerland, Ukrainian President Volodymyr Zelensky calls for 'maximum sanctions' to be applied on Russia. Argues for a complete oil embargo, the total isolation of the Russian banking sector from the global financial system, the abandonment of Russia's IT sector, and the full suspension of all trade with Russia.
  • Zelenskyy: “All trade with the aggressor should be stopped. All foreign business should leave Russia so that your brands are not associated with war crimes. So that your offices, bills and goods are not used by war criminals in their bloody interests. Values must matter.”
  • Klaus Schwab, CEO and Founder of the WEF: “The war in Ukraine represents a turning point in history and the resulting tragedy will reshape our political and our economic landscape in the coming years,”