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EU prepares to impose oil embargo on Russia

Reuters reported on May 2 that the European Union is ready to impose an embargo on Russian oil, but in order to achieve consensus, a few countries that rely heavily on Russian oil, such as Hungary and Slovakia, may be exempted; and as a buffer, the oil embargo may also be divided. The phase is fully implemented by the end of the year. The EU relies on Russia for 40% of its natural gas and 26% of its crude oil. Once the EU imposes a Russian oil embargo, Russia's income will also be hit hard. On Wednesday, EU ambassadors will meet to discuss the sanctions. In response to Russia's requirement to pay for natural gas in rubles, EU Energy Commissioner Kadri Simson also said in a press conference that the rubles should be paid according to the conversion mechanism of the Russian authorities, or the second payment designated by Gazprom Bank. Accounts to pay for goods are in violation of the current sanctions against Russia. Previously, Gazprom opened a second payment account where EU countries could pay in dollars or euros, and the account could be automatically converted into rubles. Last week, Russia cut off gas supplies to Poland and Bulgaria after the two countries refused to pay for goods under Russian mechanisms.
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