EU Proposes Ban on Russian Oil Imports
Move sends crude prices higher amid European scramble for alternatives
The European Union proposed a ban on imports of Russian crude within six months and on refined oil products from the country by year-end, sending crude prices higher as member states look for alternatives.
Oil prices jumped on the announcement. Brent crude futures, the international benchmark in energy markets, rose 4.9% to $110.14 a barrel. U.S. benchmark crude was up 5.3% to $107.81 a barrel.
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