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European Union diplomats who are involved in negotiations to stop the supply of Russian oil and this decision may enter into force next week.
The European Commission has announced that it is consulting with the US and the G7 group of the richest countries in the world before making an announcement.
The goal is for the bloc’s sanctions on oil to be harsh enough to hurt Vladimir Putin, but not so dramatic as to send shockwaves through the global oil market – regardless of those of the EU.
Brussels says it is aware that rich and poor countries rely on oil. She says she wants to avoid provoking rising global prices, which in turn could also undermine international support for Western sanctions against Russia.
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