Germany is ready to stop buying oil from Russia, according to the US newspaper The Wall Street Journal. According to the newspaper, representatives of Germany in the EU have withdrawn the country’s objection to a full embargo on Russian oil, provided that Germany is given enough time to find sources of alternative supplies.

German Economy Minister Robert Habeck said that such a decision does not mean a catastrophe for the country’s economy.

The WSJ writes with reference to diplomats and officials that EU countries will agree on a phased embargo on oil from Russia, possibly as early as next week. Still under discussion is how quickly the bloc will stop buying Russian oil and whether it will apply price caps or tariffs, the publication writes.

The U.S. has insisted that its European allies avoid decisions that could lead to a prolonged rise in oil prices. Meanwhile, some EU member states, including Hungary, Italy, Austria and Greece, remain wary of the economic impact of the Russian oil embargo.

According to the WSJ, Berlin’s attitude toward stopping buying oil from Russia changed after a deal with Poland that will allow Germany to import oil from global exporters through the port of Gdansk on the Baltic Sea.