High prices, Asian markets could blunt EU ban on Russian oil
June 1, 2022
BRUSSELS (AP) — The European Union's groundbreaking decision to ban nearly all oil from Russia to punish the country for its invasion of Ukraine is a blow to Moscow's economy, but its effects may be blunted by rising energy prices and other countries willing to buy some of the petroleum, industry experts say.
European Union leaders agreed late Monday to cut Russian oil imports by about 90% over the next six months, a dramatic move that was considered unthinkable just months ago.
The 27-country bloc relies on Russia for 25% of its oil and 40% of its natural gas, and European countries that...