By TYNE MORGAN
Ag Web
After much talk, the European Union (EU) agreed to a partial ban on Russian oil. The decision late Monday will cut its Russian oil imports by nearly 90% over the next six months. Overall, the EU relies on Russia for 25% of its oil needs and 40% of its natural gas.
According to European Council Chief Charles Michel, the ban "immediately covers more than two-thirds of oil imports from Russia, cutting a huge source of financing for its war machine."