On the 100th day of the Russian war in Ukraine, the European Council President, Charles Michel, noted that the council formally adopted the sixth package of sanctions, including the Russian oil embargo.
“The EU is united and will do all it can to bring an end to this disastrous war,” Michel tweeted.
Concerning the oil sector, the gradual ban affects the purchase, import or transfer of crude oil and some petroleum products from Russia to the European Union (EU).
The European Union set a deadline of 6 months to completely dispense with crude oil and 8 months for refined petroleum products.
It is worth mentioning that oil prices continued to rise on Tuesday after the European Union agreed to a partial ban on Russian oil during the current year 2022.
China’s decision to lift some restrictions imposed to contain the coronavirus amid increased demand ahead of the peak of the summer holiday season in the United States and Europe also contributed to the increase in oil prices today.
Brent crude futures for July rose more than $2.31 or 1.9% to $123.98 a barrel, after rising earlier to $124.10 a barrel, the highest since March 9.
West Texas Intermediate (WTI) crude futures rose $4.27 to $119.34 a barrel, rising for the fourth consecutive session, up 3.7% from Friday’s closing price, and recording the highest level since March 9.
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