Free Trial

Germany Makes a U-Turn on Russian Oil Embargo

RUSSIA

LOCAL NEWS

  • Two senior diplomats said that Germany is preparing to back an immediate EU embargo on Russian oil yesterday in a move that could allow the bloc to impose a ban within days.
    • Finance & Economy ministers both said Germany could weather the shortages and price hikes. However, Hungary remains a key holdout but the EU on Monday said it may grant it and Slokavia exemptions given their dependence on Russian energy. The sixth package of sanctions is expected to be finalised today - RTRS
  • After brief respite to allow some citizens to leave Mariupol, shelling resumed in the region yesterday and rocket strikes targeted Odesa to the West. Meanwhile, US officials say Russa has made minimal progress in the Donbas at best over the past several days.
    • Additionally, reports suggest that Russia may seek a referendum to annex Donetsk & Luhansk. Ukrainian forces have, however, recaptured parts of Kharkiv - RTRS
  • US embassy in Kyiv says it hopes to return to operations by the end of May after temporarily relocating to Lviv. Finland also said it is ready to apply for NATO membership on 12 May with the application having to pass the president and parliamentary groups first. - Sky
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

To read the full story

Close

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.