Any Embargo on Russian Energy Exports to Take Several Months: EU Official

Citing an EU official involved in discussions on cutting energy imports from Russia, AFP reported on Friday that the European Commission was "thinking about options."

The official, however, said that "adopting measures on oil means undoing existing contracts, finding alternatives and preventing circumvention."

"That can't be done overnight. It requires at least several months," the official was quoted as saying.

EU Commission Chief Ursula von der Leyen has come out publicly in favor of targeting Russian oil. EU Foreign Policy Chief Josep Borrell has also said that "nothing is off the table, including sanctions on oil and gas," but no decision has been made yet.

The 27-member bloc announced a ban on Russian coal in a first step against Russian energy exports. But the coal sanction only kicks in from mid-August, and would hit around $8.7 billion in Russian sales abroad annually.

The EU receives 40 percent of its gas supplies from Russia. Energy dependence varies widely across the trade union, with countries like Bulgaria almost entirely dependent on Russian oil. Hungary has already declared it cannot support an oil embargo.

Any oil embargo reportedly relies on technical details and the support of all of the EU's 27 member states.