Russia hits back at the EU's partial oil embargo, says it will find other importers for its crude
Moscow has pledged to find other importers for its oil shortly after the world’s largest trading bloc agreed to impose a partial embargo on Russian crude.
The European Union on Monday decided to ban most Russian oil imports by the end of the year as part of new measures designed to punish the Kremlin over its unprovoked invasion of Ukraine.
The move was hailed by EU foreign policy chief Josep Borrell as a “landmark decision to cripple [Russian President Vladimir] Putin’s war machine.”
It covers Russian oil brought into the bloc by sea, with an exemption carved out for imports delivered by pipeline following opposition from Hungary.
Related Knowledge Center: Energy security and pricing
The United States achieved net energy independence in 2020, but that has not insulated the nation from the roiling of energy markets in the wake of the Russian invasion of Ukraine. Europe has been a large consumer of Russian natural gas, and the effort to wean itself, with the help of the United States, has strained markets and endangered global efforts to address the climate crisis.