The EU’s partial embargo covers Russian oil brought into the bloc by sea, with an exemption carved out for imports delivered by pipeline following opposition from Hungary.
Attila Kisbenedek | Afp | Getty Images
Moscow could respond to European sanctions on Russian oil by seeking other buyers for its crude or cutting production to keep prices high. Its actions would have a global economic impact — unless OPEC intervenes.
EU leaders on Monday agreed to ban 90% of Russian crude by the end of the year as part of the bloc’s sixth sanctions package on Russia since it invaded Ukraine.
“The Russian response obviously will bear close watching,” Helima Croft, head of global commodity strategy at RBC…