EU to ban 90% of Russian oil before year ends, Russia hits back, says will find other buyers for its crude oil

EU to ban 90% of Russian oil before year ends, Russia hits back, says will find other buyers for its crude oil

EU leaders announced to cut oil embargo from Russian federation to be cut by 90% before the year ends. Along with banning the largest Russian bank the Sberbank from the western SWIFT payment system. The ban will also be extended to three Russian state run broadcasters. The ban is part of the new sanctions being put on Russia by EU and America. EU has given exemptions to Hungary, Czech Republic and Slovakia for pipeline imports on which the three countries rely on.

Russian forces currently are engaged in fight with the Ukrainian forces in the city of Kharkhiv and in border city Sumy. Russian shelling has destroyed the city of Sievierodonetsk to near ruins. However Ukrainian counter offensive has been slowing the wider Russian forces largely in the Donbas.

French journalist has reportedly died in Ukraine when his car, which was carrying civilians for evacuation purpose was hit by bullets. The journalist who was named Frederic Leclerc Imhoff was aged 32 and it was one his 2nd visit to the war torn country. He was employed by the BFM channel.

Russian official Mikhail Ulyanov has responded to the oil ban by EU and has stated that the country will be looking for other oil importers.

The banning was hailed by other EU leaders who stated that the move will help in crippling the Russian economy and will punish Kremlin for its war crimes in Ukraine.

About 36% of EU’s oil is imported from Russia. Russia is the third largest oil producer after Saudi Arabia and USA. And is the world’s largest exporter of crude oil to global markets. Also, a top player in production and export of natural gas.

Russia has been selling oil at a discounted price to countries like India. As a result, India has been facing tough questions from Western countries due to the country’s neutral stance on the Ukraine war and sanctioning of Russia.

As a result of the war, oil prices have skyrocketed and have now reached 119.25 USD per barrel in the international market.

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