Will Record-High Diesel Prices Race Even Higher With EU's Partial Ban On Russian Oil?

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."

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