EU Didn't Reach Deal on Russian Oil Embargo: Sources

The European Union (EU) did not reach an agreement today on the Russian oil embargo, according to a European source.

The source added that the EU will resume discussions tomorrow on the proposed decision by the EU Commission to ban Russian oil.

Oil prices jumped in global markets by about 4% after the EU Commission revealed its intention to impose new sanctions on Russia, including a Russian oil embargo.

Earlier, Austrian President Alexander Van der Bellen stressed the importance of having a lasting impact on the measures taken to curb the growing wave of inflation in the country due to the Russian-Ukrainian crisis.

In press remarks, he stressed that his country is closely following up on the developments of the current situation in Ukraine and the EU’s intention to impose further sanctions on Russia.