After four weeks of wrangling, European Union leaders agreed in principle on an embargo of most Russian oil into the bloc that would take effect by the end of 2022. Details are still unsettled as to the embargo’s schedule and scope, but it would ban imports by sea, which account for about two-thirds of Russian oil coming into the EU.
EU Commission President Ursula von der Leyen said the embargo could effectively cut 90% of Russian oil imports by the end of the year, which would equal nearly 2 million barrels/per day of crude oil and related products, says S&P Global. Russia supplies about 25% of bloc countries' oil and 40% of their natural gas.