EU Commissioner avers bloc targetting complete embargo on Russian oil within nine months

Amid the relentless war in Eastern Europe, the European Union (EU) Commissioner for Economy claimed that the bloc would full embargo Russian oil within nine months. Speaking at an event organised by the Italian media, former Italy's Prime Minister and the EU leader, Paolo Gentiloni, stated that the bloc's proposal is to reach an embargo within nine months depending on the different petroleum products. He said that doing it in a shorter time could have consequences on international oil prices that are paradoxically contradictory to the EU's objectives. 

"I think we will find a common path to get there gradually over the next few months. We must not hide that this decision will have an impact on our economies, but the impact on the Russian economy will be much greater," Gentiloni remarked at the event organised by newspapers of the Caltagirone Editore group, Il Messaggero reported.  He went on to say that the Central Bank of Russia has estimated a 9% recession for this year and Europe's economies will certainly slow down too.  

'To intervene militarily in the ongoing war would be a mistake': EU Commissioner

Gentiloni further stated that the EU has decided not to participate directly in the conflict but to extend full support to the attacked country. "We have decided to support the attacked country, and to uphold the principles that this country defends, with economic measures," he said, adding that the military intervention would be a mistake with incalculable consequences. Meanwhile, the President of the European Commission called on member states to restrict oil imports from Russia and target the country's largest bank and major broadcasters in the sixth package of sanctions against Moscow.

EU imports around 25% of its oil from Russia

It is significant to mention here that the EU imports around 25% of its oil from Russia, the majority of which is used to make gasoline and diesel for automobiles. According to S&P Global analysts, Russia provides around 14% of diesel, and a cutoff may send already high costs for truck and tractor fuel skyrocketing. Meanwhile, Russian Deputy Prime Minister Alexander Novak has claimed that the EU will not be able to fully replace Russian oil and gas in the next five to 10 years. 

Image: AP/Twitter/@PaoloGentiloni