Oil Rallies As EU Officially Proposes Embargo On Russian Imports

The European Commission on Wednesday officially proposed a full ban on Russian crude and oil product imports by the end of the year—a move that sent oil prices rallying by more than 4% in early trade.  As part of the sixth package of sanctions against Russia over its invasion of Ukraine, the EC is now proposing a complete ban on Russian oil imports, via any means, in a moveSix designed to come into force within the end of 2022, to give EU member states time to phase out purchases, European Commission President Ursula von der Leyen said…