Governments in EU member states will consider a possible embargo on Russian oil as European leaders meet this week with US President Joe Biden for a series of summits designed to strengthen the West’s response to Russia’s invasion, Reuters reports.

However, EU leaders may refrain from recommending intervention in the EU’s wholesale energy market, as Member States have differing views on the best options for responding to rising electricity and gas prices, said diplomatic sources consulted by Bloomberg.

Instead, at their summit in Brussels, EU heads of state and government could agree on immediate action to restore gas stocks as well as urgent measures to help consumers bear the brunt of rising gas bills. according to Agerpres.

In an attempt to force a withdrawal of the Russian army from Ukraine, the European Union, along with Western allies, has already imposed several sanctions on Russia, including a freeze on Russia’s Central Bank assets.

“We are working on the fifth round of sanctions,” said a senior European diplomat on condition of anonymity.

EU governments began talks at the level of foreign ministers on Monday.

Moscow authorities have warned that possible EU sanctions on Russian oil could lead Moscow to shut down Europe’s major gas pipelines. The EU depends on Russia for 40% of its natural gas needs, and Germany, Europe’s largest economy, is the most dependent on Russian gas. In addition, Germany is the largest buyer of Russian oil in the EU.