The European Union unveiled plans to implement a phased ban on Russian crude oil within six months and refined products by the end of the year. European Commission President Ursula von der Leyen said, “This will be a complete import ban on all Russian oil, seaborne and pipeline, crude and refined.” The move comes as Russia’s unprovoked invasion and humanitarian violations continue in Ukraine, including the latest allegations of war crimes during Russia’s siege of Mariupol.
Presently, 13 European nations are dependent upon Russia for more than 20 percent of their crude oil imports, and seven of those nations are more than 40 percent dependent. Overall, the EU is approximately 30 percent dependent on Russian crude oil imports. The announcement of a ban on Russian imports will require a significant shift in supplies for European nations and has already sent shock waves throughout crude oil markets. Brent and West Texas Intermediate crude oil futures jumped approximately four percent following the announcement.
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