The European Union has agreed to ban most Russian oil imports, a major escalation of its sanctions on Moscow for its war in Ukraine. The ban will take effect in six months for crude oil and in eight months for refined products.
The ban is expected to cost Russia billions of dollars in lost revenue. It is also expected to lead to higher energy prices in Europe, which could have a negative impact on the economy.
The ban is a significant victory for Ukraine, which has been urging the E.U. to take tougher action against Russia. It is also a sign that the E.U. is united in its commitment to supporting Ukraine.
Credit: This news is written by Bard.
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