EU embargo on Russian oil, gas will take ‘months’

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Al-Araby

The EU is working on broadening sanctions on Russia to include oil and gas embargoes but such measures would take “several months”, European officials told AFP on Friday. The bloc last week announced a ban on Russian coal in a first step against Russian energy exports- together, Moscow’s main hard currency earner. But the coal sanction only kicks in from mid-August, and would hit around eight billion euros ($8.7 billion) in Russia’s sales abroad, annually. Russian oil and gas sales to the EU account for a far higher amount of revenue: between a quarter of a billion to a billion euros per day, …

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