EU embargo on Russian oil "within days", German economy minister says

European Union is close to agreeing on an embargo on Russian oil

The European Union is close to agreeing on an embargo on Russian oil imports, Germany's economy minister told broadcaster ZDF Monday night.

"We will reach a breakthrough within days," Robert Habeck said.

But he added that such a ban would not hurt Russia immediately since the surge in global oil prices had meant that it was earning more for lower volumes.

Russia supplies 40% of the EU's natural gas and 27% of its imported oil - the EU pays the country roughly €400 billion a year for this supply.