The European Union has agreed to ban the bulk of imports of Russian crude and oil products in its latest round of sanctions following Moscow’s invasion of Ukraine. The ban on seaborne crude imports will be phased in over six months and for seaborne refined products over eight months. It excludes deliveries via the Druzhba oil pipeline which supplies refineries in Eastern Europe and eastern Germany. read more Yet many European buyers have voluntarily suspended purchases of Russian oil or announced plans to phase it out, which means Russian oil imports will be cut by about 90%. read more Following is a summary of key facts about the EU’s use of Russian oil: HOW MUCH RUSSIAN OIL DOES THE EU IMPORT? Europe was the destination for nearly half of Russia’s crude and petroleum product exports before Russia’s invasion of Ukraine, according to the International Energy […]