Newsweek offers an analysis into what the EU oil ban could mean for gas prices in the U.S., as well as what it means for an already volatile energy market.
European Union leaders have now officially banned 90 percent of crude oil imports from Russia, in a set of restrictions that will roll out over the rest of this year. The decision came following President Zelensky’s calls for action and support from EU leaders against Russia in the wake of the invasion of Ukraine. This ban will only affect oil delivered by sea, not pipeline oil, and the European Council chief Charles Michel claims it will interrupt a massive source of revenue for Russia. This latest move is part of a sixth package of sanctions on Russia, agreed by all 27 EU members in Brussels. EU leaders reached a consensus to ban around 90 percent of Russian oil by the end of this year, 2022. Currently, Russia supplies about 27 percent of the EU’s imported oil and 40 percent of the EU’s imported natural gas.
