The European Union is likely to approve a phased ban on Russian oil as early as next week. It is reported by the New York Times, citing officials and diplomats close to the process..

According to them, after a long negotiation of the terms of the sixth package of sanctions, EU countries will continue intensive negotiations over the weekend.. Subsequently, the European Commission will be able to make a final proposal for new measures. EU ambassadors are due to meet on Wednesday and expect final approval before the end of the week.

It is noted that the future package will also include sanctions against the largest bank in the Russian Federation, Sberbank, which has so far avoided restrictions, and additional measures against Russian high-ranking officials..

As for the embargo, sources first expect a ban on Russian oil transported by tankers. Pipeline oil ban could take months.

However, as in the case of the coal embargo, which was given four months to be fully implemented, the EU may allow member countries to phase out existing contracts with Russian oil companies at both stages of the implementation of the ban..

The publication added that the position of Germany was especially important in the development of the sixth package of sanctions.. It is the largest economy in the European Union, and it covered about a third of its oil needs with Russian supplies at the beginning of the full-scale war of the Russian Federation against Ukraine.

However, the state managed to reduce its dependence on oil from Russia to 12 percent, which gave it the opportunity to impose an embargo.

After the ban on Russian oil, the European Union will try to compensate for the deficit by increasing imports from other countries, in particular the Gulf states, Nigeria, Kazakhstan and Azerbaijan, officials say.. But new sanctions against Russia will still affect global oil prices.

Earlier it was reported that Germany agreed to a total embargo on Russian oil, provided that Berlin gets enough time to secure alternative supplies..