A complete embargo on Russian oil will be introduced by the European Union after nine months, European Commissioner for Economy Paolo Gentiloni said in an interview with Il Messaggero newspaper, pointing out the difficulty of such a step in a shorter period of time, SİA informs referring to TASS.
“Our proposal is to impose an embargo [on oil], depending on the types of oil products, after nine months. A shorter timeframe would lead to a negative impact on world oil prices, which is contrary to our goals,” he said.
The European Commissioner warned that “this decision will have an impact on the European economy.” “But it will hit the Russian one more,” he says. Gentiloni acknowledged that “the decision not to participate directly in a military conflict” but to support Ukraine, including through the application of sanctions, “has its economic cost.” “This economic price must be taken into account when evaluating and weighing how much the measures taken cost Russia and ourselves. In imposing sanctions, the European Commission has so far been guided by the principle of balance,” he said.
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