Oil Prices Jump as EU Leaders Consider Russian Oil Ban
TEHRAN (Tasnim) - Oil prices soared more than $3 a barrel on Monday, with Brent crude topping $111 a barrel, as EU countries considered joining the US in a Russian oil embargo.
"We are working on the fifth round of sanctions," a senior EU diplomat was quoted as saying by Reuters on Monday on condition of anonymity.
US President Joe Biden is also expected to attend the meeting, the official said.
Biden will be attending EU and NATO meetings on Thursday, as well as the Group of Seven (G7) summit, all of them scheduled to take place in Brussels.
Prior to Biden's arrival, EU member states will take up the issue of anti-Russia sanctions among foreign ministers on Monday, reports said.
Both the US and EU states have already slapped numerous sanctions against Russia over the conflict in Ukraine, which has already in its fourth week.
EU sanctions need to be approved by all members. However, an oil embargo is a tough one for Brussels because most EU states are dependent on Russian gas for energy.
In this regard, French President Emmanuel Macron has said that if the Ukraine conflict worsens there should be no "taboos" in terms of EU sanctions against Russia.
"These sanctions are meant to force President [Vladimir] Putin into a new calculation," a French presidency official was quoted as saying.
"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."
In the meantime, Germany, which is the largest EU buyer of Russia's oil, is seeking to replace Russian gas with new suppliers from the Persian Gulf.
Tensions between Russia and the West continue to escalate as the US and its allies impose sanctions on Moscow over Kremlin’s military operation in Ukraine.
Western countries, including the US, have decried Russia’s military intervention in Ukraine as unprovoked, but Moscow says the “special operation” aims to “demilitarize” and “denazify” the country after years of fighting between the Kiev government and separatists in the breakaway Donbas region.
Since then there have been fears of disruptions to major oil and gas supplied by Russia, prompting EU states to pursue new supplies of energy.
US President Joe Biden last week announced $800 million in additional military aid for Ukraine.
"The world is united in our support of Ukraine and our determination to make Putin pay a very heavy price," Biden said at the White House.
The fresh aid package includes 800 anti-aircraft systems; longer-range anti-aircraft systems and ammunition for those systems; as well as 9,000 anti-armor systems; 7,000 small arms; 20 million rounds of ammunition, artillery, and mortars; and drones.
