EU Embargo on Russian Oil
Burc Oran
May 31, 2022
Ursula

The European Union (EU) announced that it agreed to reduce the oil imported from Russia by about 90 percent by the end of the year.

The European Union (EU) leader states have agreed on the 6th package of sanctions, which will ban 90 percent of oil imports from Russia until the end of the year.

EU Commission President Ursula von der Leyen and EU Council President Charles Michel held a press conference in Brussels. “I am happy that the leaders have agreed on the 6th package of sanctions,” said von der Leyen, adding that 90 percent of oil imports from Russia will be banned by the end of the year. Von der Leyen stated that they would reevaluate the issue of 10 percent oil supplied from Russia in the future. She also noted that Sberbank, the largest bank in Russia, will be removed from the international payment system SWIFT.

After the EU Leaders’ Summit, it was noted that the EU was determined to increase the pressure on Russia and Belarus.

Stay informed with market news by subscribing to our reading list.

FTD Articles is a website prepared by FTD Limited's research team. FTD Limited is an online brokerage company offering products of Forex, Spot Metals and CFDs.
The ideas and the information shown here have no responsibility of any of the trading decisions made by the investors or the visitors of this site. Therefore, under no circumstances will FTD Limited nor FTD Articles be held responsible or liable in any way for any claims, damages, losses, costs or liabilities resulting or arising directly or indirectly from the use of website content. We recommend that you seek advice if you have not involved with trading before in order to prevent potential risks that may arise.

WARNING

Due to your regulatory authority, unfortunately, we cannot offer you our margin trading services.