The EU considers an embargo on Russian oil

EU officials are “now working on ensuring that oil is part of the next sanctions package,” Irish Foreign Minister Simon Coveney told Reuters. 

Russian oil makes up about a quarter of the EU’s crude imports, which is “contributing to financing this war. We need to cut off that financing ... the sooner that can happen the better," Coveney added. 

The European Parliament passed a non-binding vote in favor of an embargo last week. If Western countries impose a “real embargo” on Russian energy, the war could end “within a month or two,” Andrei Illarionov, former chief economic adviser to President Vladimir Putin told the BBC. Oil and gas revenues made up 36% of the Russian government’s spending last year.

On the upside, this could be good news for the environment. The move could help the EU set more ambitious goals for its transition to renewable energy as it looks for Russian oil alternatives, EU climate policy chief Frans Timmermans said. 

The European Commission is now working on proposing a “Repower EU” initiative that would push for a higher percentage of renewable energy for 2030, Timmermans said. The EU’s current plan is to raise renewable energy consumption to 40% by 2030.