OREANDA-NEWS  European Commissioner for Economic Affairs Paolo Gentiloni said that an embargo on Russian oil could be imposed within nine months. According to him, a more drastic introduction of the ban will negatively affect oil prices. Also, according to Bloomberg, Slovakia and Hungary may be allowed to buy oil from Russia until the end of 2024, the Czech Republic — until June 2024.

"Our proposal is to achieve an embargo depending on different types of petroleum products within nine months. Doing this in a shorter time may have consequences for world oil prices, paradoxically contrary to our goals," Mr. Gentiloni said in an interview with the Italian newspaper Il Messaggero.

He added that the embargo will affect the European economy, but stressed that the impact on the Russian economy "will be much greater." "I think we will find a common way to gradually achieve this over the next few months," Paolo Gentiloni said.

Also, the Reuters news agency, citing sources, reported that the European Commission (EC) proposed to introduce a three-month transit period before the full imposition of an embargo on Russian oil. Earlier, the EC reported that the embargo will be imposed within one month.