German Economy Minister Robert Habeck said on Monday, “Germany is ready to go ahead with Russia's oil embargo even without Hungary.”

Habeck said that he is "disappointed" that it is taking "so long" to agree on a proposal for an oil embargo against Russia.

These comments come after Reuters reported Sunday, citing sources, “Germany and Italy told companies they could open rouble accounts to keep buying Russian gas without breaching sanctions against Moscow following discussions with the European Union.”

Market reaction

EUR/USD is keeping its range around 1.0600, having quickly retraced from daily highs of 1.0613. The spot is up 0.34% on the day, as the US dollar extends its corrective slide.