Oil prices soared after the European Union recommended a six-month embargo on Russian crude and a year-end restriction on processed Russian exports. On Wednesday, crude oil futures in New York rose 4% to over US$106.5 a barrel. The EU’s plan is the bloc’s most important energy reaction to the Ukrainian conflict, as it strives to reduce dependency on Moscow.
On Wednesday, crude oil futures in New York rose 4% to over US$106.5 a barrel. The EU’s plan is the bloc’s most important energy reaction to the Ukrainian conflict, as it strives to reduce dependency on Moscow. In addition to prohibiting oil imports outright, the EU is targeting insurers in a move that might limit Moscow’s capacity to ship goods around the world.
