“I’m told by EU diplomats involved in negotiations that an EU ban on Russian oil (most likely a phased-out one) could be introduced next week.
The European Commission says it’s consulting with the US and the G7 group of the world’s wealthiest nations before making an announcement.
The aim is that the bloc’s oil sanctions be tough enough to hurt Vladimir Putin but not so dramatic as to send shockwaves through the global oil market – never mind the EU’s.
Brussels says it’s aware that countries rich and poor rely on oil. It says it wants to avoid provoking global price hikes, which could in turn also undermine international support for Western sanctions against Russia.”