Forex Weekly Update: European Union Oil Bans Russian Oil 2022 | EU Oil Embargo

Uploaded by Harold Richey on June 1, 2022 at 3:10 am

Forex Weekly Update: European Union Oil Bans Russian Oil 2022 | EU Oil Embargo

European Union leaders agreed Monday to embargo most Russian oil imports into the bloc by year-end as part of new sanctions on Moscow worked out at a summit focused on helping Ukraine with a long-delayed package of new financial support.

The embargo covers Russian oil brought in by sea, allowing a temporary exemption for imports delivered by pipeline, a move that was crucial to bring landlocked Hungary on board a decision that required consensus.

EU Council President Charles Michel said the agreement covers more than two-thirds of oil imports from Russia. Ursula Von der Leyen, the head of the EU’s executive branch, said the punitive move will “effectively cut around 90% of oil imports from Russia to the EU by the end of the year.”

Let’s take a look at how this will impact the currency markets.

+++++++++++++++++++++++++++++

Join Our No-Cost Mastermind Group
https://cutt.ly/vUzWJe2

Mentorship Opportunity
https://cutt.ly/xHXadpF

SmartTrader $4.95 30 Day Trial
https://click.smarttrader.com/SHI

Comments

Comments are disabled for this post.