FX.co ★ France may convince EU to impose embargo on Russian oil

At present, the EU countries are united as never before. Russia’s responsive measures made the countries unite to discuss an embargo of Russian oil. It was France that produced an idea to refuse Russian oil supplies to the European Union. Of course, not all the countries will be able to stop using Russian oil immediately. However, this energy resource is easier to replace than gas as there are more oil producers and the EU’s dependence on Russian oil is lower. French Finance Minister Bruno Le Maire is acting as a chief negotiator on the embargo issue. “The stoppage of oil supplies will undermine the financing of the war in Ukraine," Le Maire supposes. Only six months ago, such announcements might have led to the EU collapse. However, now most European countries want to stop using Russian oil as soon as possible. According to French President Emmanuel Macron, the country is planning to refuse both Russian oil and gas. He said that Paris was working on buying gas from other countries. Earlier, Thierry Breton, the French politician who is the European Commission's internal market commissioner, said that Europe intended to replace 155 billion cubic meters of gas imported from Russia.