The European Union is still working toward an agreement to embargo Russian oil after failing to reach an agreement over the weekend.
On arriving in Brussels for a summit, European Commission President Ursula von der Leyen said she expected an agreement next. “My expectations are low that it will be solved in the next 48 hours. But I’m confident that thereafter there will be a possibility,” she said according to Reuters.
Talks were largely held up by Hungary, a major user of Russian oil. A failure to reach the agreement would be considered a victory for president Vladimir Putin.
According to analysts an oil embargo will add further volatility to international markets and rising inflation.
Russia’s massive energy exports to several European countries are under the spotlight since it invaded Ukraine last February. According to reports, almost 36% of the EU’s oil imports come from Russia.
Earlier in May von der Leyen said dependency on Russian oil was a difficult move because some member states are strongly dependent on Russian oil “but we simply have to do it”.
The proposed sanctions on oil imports would be part of the EU’s sixth sanctions package on Russia. Restricted access to capital markets, freezing Russia’s central bank assets, excluding Russian financial institutions from SWIFT and banning imports of Russian coal and other commodities were the first sanctions.