Germany prepared to back immediate EU embargo on Russian oil

German chancellor Olaf Scholz: Has shifted from his cautious approach toward Russia

Two senior ministers in chancellor Olaf Scholz's government said Germany would be ready to back an immediate EU ban on Russian oil imports, and that Europe's biggest economy could weather shortages and price hikes.

The comments by Finance Minister Christian Lindner and Economy Minister Robert Habeck are the latest sign Mr Sholz has shifted from his cautious approach toward Russia and is willing to back sanctions against Moscow even if they have economic costs at home.