The EU takes a dramatic step to punish Russia for its war in Ukraine — but with consequences for the global economy.
The European Union will ban many Russian oil imports, an aggressive and punitive sanction against Moscow. But it may come with unpredictable costs for the bloc, and the rest of the global economy.
Late Monday, the European Union finally agreed to a partial embargo of Russian oil as part of its sixth sanctions package against Moscow for its invasion of Ukraine. The deal came after weeks of wrangling, mostly with Hungary. Hungary agreed to it in the end, but only after basically gettingitself (and two other countries) out of the ban for now, creating a loophole in the penalties.