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Oil prices have risen following the EU’s announcement of a embargo on Russian imports


Oil prices rose immediately after the announcement, amid rising competition for oil supplies elsewhere. At around 7:45 GMT, WTI (West Texas Intermediate) crude oil futures were up 2.8% to $ 105.31 a barrel, while Brent crude oil futures were rising by 2.7% to $ 107.84 a barrel, Reuters quoted Agerpres as saying.

As part of the sixth sanctions package, the EU bloc announced on Wednesday that it would also exclude Sberbank, Russia’s largest bank, along with two other Russian banks, from the SWIFT financial messaging system, which will further increase Russia’s isolation from the international financial system.

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The embargo announced by the EU executive on Wednesday was largely awaited by analysts, after last week Germany, the first European economy, gave up its previous opposition to the idea of ​​banning Russian oil imports.

According to measures unveiled on Wednesday, the EU will end imports of Russian crude oil within six months, and imports of refined petroleum products will cease by the end of 2022. Greater decision on refined products is linked to greater EU dependence compared to diesel imported from Russia.

In a speech in the European Parliament, the President of the European Commission, Ursula von der Leyen, did not offer any indications of a possible exemption from the new regulation, despite rumors appearing in the press about the possibility of further importing Russian oil. by Hungary and Slovakia, countries whose energy systems were built during the communist era and are completely dependent on Soviet oil pipelines.

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