European Union Proposes a Ban On Russian Oil

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The European Union is mulling its biggest step yet in retaliation for Russia's unprovoked invasion of Ukraine: banning oil imports from the country altogether.

Formal deliberations began Wednesday after EU President Ursula von der Leyen outlined a proposal, and officials are hoping to make a final decision (approval would require unanimous consent from all 27 member countries) by week's end. Even though the US banned imports of Russian oil in early March, its officials warn the EU's ban may simply drive up prices -- lining Russia's pockets in the process. While all this is happening, another global superpower could walk out the big winner: China.

Source Fool.com