EU to mull Russian oil embargo with Biden set to join talks | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Sunday
July 13, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
SUNDAY, JULY 13, 2025
EU to mull Russian oil embargo with Biden set to join talks

World+Biz

Reuters
21 March, 2022, 08:50 am
Last modified: 21 March, 2022, 08:53 am

Related News

  • Sacked Russian transport minister found dead in his car with gunshot wound
  • Trump, disappointed by call with Putin, to speak with Zelenskiy on Friday
  • Russia becomes first country to recognise Taliban government of Afghanistan
  • Oil wealth — a curse or a blessing?: The Middle East's trade-off with American power
  • Putin authorises creation of state messaging app to combat WhatsApp and Telegram

EU to mull Russian oil embargo with Biden set to join talks

Seeking to force a military withdrawal from Ukraine by Russian President Vladimir Putin, the EU - along with Western allies - has already imposed a panoply of punishing sanctions including a freezing of the assets of the Russian central bank

Reuters
21 March, 2022, 08:50 am
Last modified: 21 March, 2022, 08:53 am
European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium, in this file picture taken October 28, 2015. REUTERS/Francois Lenoir
European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium, in this file picture taken October 28, 2015. REUTERS/Francois Lenoir
  • Biden due for EU, NATO, G7 summits Thursday in Brussels
  • EU has sanctioned 685 Russians, Belarusians in March
  • Oil embargo likely hinges on Ukraine war worsening -envoys

European Union governments will consider whether to impose an oil embargo on Russia over its invasion of Ukraine as they gather this week with U.S. President Joe Biden for a series of summits designed to harden the West's response to Moscow.

Seeking to force a military withdrawal from Ukraine by Russian President Vladimir Putin, the EU - along with Western allies - has already imposed a panoply of punishing sanctions including a freezing of the assets of the Russian central bank.

"We are working on a fifth round of sanctions and many new names are being proposed," a senior EU diplomat said on condition of anonymity because the discussions are not public.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

EU governments will take up the discussion among foreign ministers on Monday, before Biden arrives in Brussels on Thursday for summits with NATO's 30 allies, as well as the EU and in a Group of Seven (G7) format including Japan.

The Kremlin has so far not been moved to change course in Ukraine by four rounds of EU sanctions imposed over the past three weeks, including on 685 Russians and Belarusians and on Russian finance and trade.

That leaves the bloc with the economically toughest choice of whether to target Russian oil, as the United States and Britain have done but not the 27-nation EU, given its dependence on Russian gas for energy.

Diplomats told Reuters that Baltic countries including Lithuania are pushing for an embargo as the next logical step, while Germany is warning against acting too quickly because of already high energy prices in Europe.

Russia invaded Ukraine on Feb. 24. Putin has called Russia's actions a "special operation" meant to demilitarize Ukraine and purge it of what he sees as dangerous nationalists. Ukraine and the West say Putin launched an aggressive war of choice.

France says 'no taboos' on sanctions

Moscow has warned that EU sanctions on Russian oil could prompt it to close a major gas pipeline to Europe. The EU relies on Russia for 40% of its gas, with Germany among the most dependent of the EU's large economies.

Germany is also the largest EU buyer of Russian crude.

Bulgaria, which is almost completely dependent on gas supplies from Russia's Gazprom , has said it might seek an opt-out. Bulgaria's sole oil refinery is owned by Russia's LUKOIL and provides over 60% of the fuel used in the Balkan country. 

All EU sanctions decisions require consensus. France, which heads the EU's six-month presidency, will likely prove crucial.

President Emmanuel Macron has said that if the situation worsens in Ukraine - where thousands have been killed, over 5 million people have been displaced and some cities devastated by shelling - there should be no "taboos" in terms of sanctions.

"These sanctions are meant to force President Putin into a new calculation," a French presidency official said. "Among our partners and among the countries trading with Russia, there are some who are more sensitive on the issue of oil and gas. Nevertheless, the president (has) said, there is no taboo."

Diplomats said a Russian chemical weapons attack in Ukraine, or a heavy bombardment of the capital Kyiv, could be a trigger for an energy embargo.

Top News / Europe / Global Economy

Russia / Oil / Ukraine crisis / Embargo / EU

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Screengrab blurred
    Mitford murder sparks political storm as BNP on backfoot, Jamaat and others pounce
  • Representational image
    Some issues remain unresolved despite progress in 2nd round of US tariff talks: Press Minister Mortoza
  • US President Donald Trump gestures to the US flag flying on a new flagpole after stepping off Marine One returning from New Jersey at the White House in Washington, DC, US, 6 July 2025. Photo: Reuters
    Trump intensifies trade war with 30% tariffs on EU and Mexico

MOST VIEWED

  • Representational image
    In addition to 35% tariff, US demands 40% local value addition for 'Made in Bangladesh' goods
  • RAB Director General AKM Shahidur Rahman speaks at the press briefing on a fake bomb threat on Biman Bangladesh flight on Saturday, 12 July 2025. Photo: TBS
    Mother faked bomb threat on Biman flight to stop married son from flying with girlfriend: RAB
  • Screengrab blurred
    Killers bash in head of man with rock, stomp body with perverse pleasure
  • Photo: UNB
    Saima Wazed Putul ‘placed on indefinite leave’ from WHO role amid corruption allegations
  • How tender rules and a lone bidder stall a $2.5b power plant
    How tender rules and a lone bidder stall a $2.5b power plant
  • Bangladesh and US hold tariff talks on 11 July 2025. Photo: CA Press Wing
    Dhaka, Washington yet to agree on 20% of US tariff conditions: BGMEA

Related News

  • Sacked Russian transport minister found dead in his car with gunshot wound
  • Trump, disappointed by call with Putin, to speak with Zelenskiy on Friday
  • Russia becomes first country to recognise Taliban government of Afghanistan
  • Oil wealth — a curse or a blessing?: The Middle East's trade-off with American power
  • Putin authorises creation of state messaging app to combat WhatsApp and Telegram

Features

The 2020 Harrier's Porsche Cayenne coupe-like rear roofline, integrated LED lighting with the Modellista special bodykit all around, and a swanky front grille scream OEM Plus for the sophisticated enthusiast looking for a bigger family car that isn’t boring. PHOTO: Ahbaar Mohammad

2020 Toyota Harrier Hybrid: The Japanese Macan

7h | Wheels
The showroom was launched through a lavish event held there, and in attendance were DHS Motors’ Managing Director Nafees Khundker, CEO Imran Zaman Khan, and GMs Arman Rashid and Farhan Samad. PHOTO: Akif Hamid

GAC inaugurate flagship showroom in Dhaka

8h | Wheels
After India's visa restriction, China's Kunming is drawing Bangladeshi patients

After India's visa restriction, China's Kunming is drawing Bangladeshi patients

1d | Panorama
Photo: Collected/BBC

What Hitler’s tariff policy misfire can teach the modern world

2d | The Big Picture

More Videos from TBS

Why is there a mystery surrounding the death of 'Jalibi' actress Humaira?

Why is there a mystery surrounding the death of 'Jalibi' actress Humaira?

18m | TBS World
Why cockpit audio deepens the mystery of Air India crash

Why cockpit audio deepens the mystery of Air India crash

48m | Others
Housing officer shot in Pallavi for not paying bribe

Housing officer shot in Pallavi for not paying bribe

1h | TBS Today
BNP does not protect criminals like Sheikh Hasina: Rizvi

BNP does not protect criminals like Sheikh Hasina: Rizvi

1h | TBS Today
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net