The European Commission, which draws up sanctions for the EU's 27 countries, is currently preparing the text, which could be put to the member states as early as Wednesday, diplomats said.
Hungary is expected to mount strong opposition due to its dependence on Russian oil and close ties to the Kremlin. A ban is counterproductive and EU countries"must come to their senses", Hungarian Cabinet Minister Gergely Gulyas told state radio on Sunday, Bloomberg reported. US Treasury Secretary Janet Yellen warned last week that a ban could"counterintuitively... actually have very little negative impact on Russia" since higher prices for its remaining exports would blunt the impact.
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