Germany Ready to Back EU Ban on Russian Oil If It’s Gradual
- Berlin prefers ban with transition period, people familiar say
- European diplomats discussing various sanctions mechanisms
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Germany is prepared to back a gradual ban on Russian oil as European Union countries scramble to respond to an escalating energy crisis that saw Moscow cut off gas supplies to two of the bloc’s member states on Wednesday.
Berlin would support a phased approach to targeting oil rather than some of the other options that have been discussed, such as a price cap or payment mechanisms to withhold parts of Moscow’s revenue, according to people familiar with talks among EU ambassadors.