G7 Agrees to Halt Russian Oil Imports

G7 Agrees to Halt Russian Oil Imports

Moscow Scrambles For Help After EU Delivers !

(AmericanProsperity.com) – Russia is one of the world’s largest producers of crude oil. Much of what it refines and exports goes to Europe, along with natural gas. In a bold move, the European Union (EU) has implemented a partial ban on Russian oil, but Moscow isn’t concerned, claiming it will find alternate buyers.

On May 30, the EU agreed to ban a majority of Russian oil imports. The decision comes as the newest punishment for Russia’s invasion of Ukraine. The United States has already implemented a ban on Russian energy as a means to cripple the economy and hopefully slow down President Vladimir Putin’s war machine.

There doesn’t seem to be much of an impact as of now, as Russian forces are still prevalent across Ukraine. Perhaps the EU’s decision to ban much of the Russian oil imports will have a significant impact on Russia’s economy, but the plan is dependent upon Russia failing to find new sales channels. Reportedly several countries plan to purchase Russia’s oil regardless of its aggressive actions against Ukraine.

Will the ban be sufficient enough to slow Russia’s invasion, or will the revenue from other countries keep Putin’s war machine running?

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