Kremlin said the plan will be very costly for the bloc Von Der Leyen Says EU Plans to Phase Out Russian Oil Bloomberg News The European Union’s proposal to ban imports of Russian oil could knock another 10% off the country’s production by year-end, doubling the supply loss that has already resulted from the invasion of Ukraine. “We would assume that the actual downside risk to Russian crude oil and condensate production would be around 1 million barrels a day from April levels,” said Viktor Katona, head of sour crude analysis at Kpler. That would come on top of the output reduction of about 1 million barrels a day Russian producers have made since February as economic sanctions, many of which didn’t directly target oil, nevertheless disrupted shipping, refining and the country’s domestic fuel demand. The EU hasn’t yet agreed on “a complete import ban” on Russian oil, which […]