How the EU ban on Russian oil could benefit Russia ...Middle East

Quartz - Economy

The European Union will halt all imports of crude and refined oil from Russia by the end of 2022, European Commission president Ursula von der Leyen said on May 4. Europe as a whole currently gets one-quarter of its oil from Russia, with a wide range between countries—Germany gets just 12% of its oil from Russia, while for Slovakia it’s 96%.Oil is one of the main sources of funding for Russia’s war in Ukraine—to the tune of $285 million per day. Up to now, sanctions imposed by the US and other buyers on Russian oil have cut exports by about one-eighth; that could climb to one-quarter over the next month as new sanctions begin to take effect, Bernard Looney, CEO of BP, predicted to Reuters. T

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Last updated : 04 May 2022 clock 05:00 PM

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How the EU ban on Russian oil could benefit Russia ...Middle East

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