Embargo on Russian oil will be painful for EU members, no ban on gas yet

(Patria) - "The EU's decision on the sixth package of sanctions will affect Russia's economic development and prosperity," said German Chancellor Olaf Scholz at a press conference today.

"Sanctions have a clear goal, to force Russia to end this war, withdraw its army and reach an agreement with Ukraine," Scholz said in Brussels, CNN reports.

The new embargo covers about 90 percent of oil imports to Europe. The compromise reached by EU leaders provides, at Hungary's request, for the prevention of Russian oil transport by sea first. The transport of Russian oil through existing pipelines will remain possible for now. Hungary will thus continue to be able to import Russian oil via the Druzhba pipeline, but has not been given a precise deadline for an alternative solution. 

"Germany is rapidly becoming independent of gas imports from Russia and is building infrastructure that will enable gas imports by ships from other countries. But one thing is quite clear, many countries will take longer than Germany," Scholz said.

The European Union's embargo on Russian oil will be painful for both member states and Moscow, according to Austrian Chancellor Karl Nehammer.

"The decision to impose an oil embargo is a measure that will certainly be painful for the member states in itself," Nehammer said upon arrival at an extraordinary meeting of the European Council in Brussels.

"But we must be realistic, what we are enduring is nothing compared to what the Ukrainian people have to endure," he added.

Leaders of the European Union member states agreed late last night to now partially ban the import of Russian oil as part of the sixth package of sanctions against Moscow. Russian oil delivered by tankers will be banned.

The agreement will ban 90 percent of Russian oil imports by the end of the year.

Nehammer said that a gas embargo will not be included in this new package of sanctions.

"The situation with gas is different because oil can be compensated more easily," he added.