Crude prices jumped on Wednesday after the European Union proposed a ban on oil imports from Russia and also proposed removing the country's biggest bank, Sberbank, from the SWIFT international payments network as part of a new round of sanctions targeting the country. Details of the new sanctions are still being hammered out, but have already run into stiff opposition from Hungary, Slovakia, and the Czech Republic, which is seeking a longer transitional period. The rise in oil and gas prices triggered by the Ukraine conflict has raised the threat…
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