European Union Prepares to Ban Russian Oil.
I would like tentatively to share the insights and analysis by Mr. Ben Cahill, a senior fellow in the Energy Security and Climate Change Program at the Center for Strategic and International Studies in Washington, D.C.
The European Union is debating an embargo on Russian crude oil and petroleum products, as well as restrictions on the shipping of oil and products from Russia. If approved, the ban will likely include a longer phase-in period for some countries, and Russia will be able to divert some volumes to Asia. But EU measures would force Russia to shut in some production, tightening the oil market and driving up prices.
