EU is set to propose phasing out Russian oil by the end of the year By ross_burland Oil RussianFederation Europe EURUSD
Demand concerns are a driver for oil prices amid continued lockdowns in the Middle Kingdom. However, the prospect of the EU banning Russian crude has once again shifted focus toward the ever-present supply risks., the European Union is reported to be set to propose a ban on Russian oil by the end of the year, with restrictions on imports introduced gradually until then, according to people familiar with the matter.
The EU will also push for more banks from Russia and Belarus to be cut off from the international payment system SWIFT, including Sberbank, and a decision could be made as soon asInformation on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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