Germany will back EU oil embargo on Russia

STORY: Germany said on Monday it was prepared to back an immediate EU embargo on Russian oil, a major shift by Germany -- that analysts say would tip its economy into recession.

The EU is expected to propose a sixth round of sanctions over the invasion of Ukraine this week- and the oil embargo is possibly on the menu.

Russia supplies 40% of EU gas and 26% of its oil imports and Germany is its biggest energy customer.

However, Economy Minister Robert Habeck said earlier Monday his country was ready.

"Germany is not against an oil ban on Russia. Of course, it is a heavy load to bear, but we would be ready to do that."

Also on Monday, the EU warned that complying in full with Moscow's demand that countries effectively pay for gas in roubles, or face losing their supply... would breach existing EU sanctions.

"The (European Union) member states and the companies should not have any illusions that they can rely on the good faith of Gazprom and the Russian regime in this matter."

Weaning Europe off Russian oil is likely to be easier than reducing dependence on Russian natural gas.

Russia cut gas supply to Bulgaria and Poland last week for refusing to comply and many others in the 27-nation bloc face deadlines this month.

Late Monday, Ukrainian leader Volodomyr Zelenskiy's used his nightly video to argue that buying Russian energy fuels Moscow’s war effort.

"We are working on new sanctions against Russia. We expect a new package from the European Union in the near future. This package should include clear steps to block Russia's energy revenues. We truly believe in this. So that the terrorist state is not given a billion euros a day for fuel."

Russia calls its actions in Ukraine a "special operation" to disarm and "de-Nazify" Ukraine.

Ukraine and its western allies call that a baseless pretext for a war of aggression.

Ambassadors from EU countries will discuss the proposed oil sanctions when they meet on Wednesday.

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