The European Union (EU) member states need to take decisions on a potential embargo on Russian oil urgently, said Valdis Dombrovskis, Executive Vice-President of the European Commission in charge of economy, on Tuesday.
"It's important that those decisions are taken without delay, otherwise we are in a strange situation where we are discussing massive financial support to Ukraine on one hand, and continue to provide financing for Russia's war on the other hand. It needs to be stopped," said Dombrovskis.
About 62 percent of Russia's imports to the EU were hydrocarbon in the year 2021, explained Dombrovskis. "When we are addressing Russia's fossil fuel, we are really addressing financing sources of Russia's war," he said following a meeting of the EU finance and economic ministers.
The European Commission brought forward a proposal to put an embargo on Russian oil in early May, as part of the sixth package of sanctions against Russia in the context of the Russia-Ukraine conflict.
However, EU member states failed to reach a consensus on the matter. Hungary, a landlocked country heavily dependent on Russian oil imports, is opposed to the proposal.
"We know there are concerns, specially of landlocked countries, on effects of the oil embargo concerning the security of supply, and we are working with these member states to see the best way to address those concerns," said Dombrovskis.
The EU heavily depends on Russian energy, with 30 percent of its oil and 15 percent of petroleum products supplied by Russia.