Russia needs to sell oil - It is running out of options
Posted: Mon May 09, 2022 11:21 pm
https://www.ctvnews.ca/business/russia- ... -1.5894933
Russia has long been powered by oil and Europe's addiction to it. Now, Moscow is faced with an unprecedented challenge: If the continent bars imports of millions of barrels of crude, can it find new customers?
The European Union, once hesitant, is now taking steps to halt the flow of Russian oil and refined products to most member states this year as the war in Ukraine drags on. If the bloc agrees to an embargo, it would strike at the heart of Russia's economy, which has continued to reap profits from its large energy sector.
Russia has long been powered by oil and Europe's addiction to it. Now, Moscow is faced with an unprecedented challenge: If the continent bars imports of millions of barrels of crude, can it find new customers?
The European Union, once hesitant, is now taking steps to halt the flow of Russian oil and refined products to most member states this year as the war in Ukraine drags on. If the bloc agrees to an embargo, it would strike at the heart of Russia's economy, which has continued to reap profits from its large energy sector.