EXPLAINER: What's the impact if Europe cuts off Russian oil?
Europe is discussing a boycott of Russian oil over the Kremlin's invasion of Ukraine. The EU is now discussing sanctions on Russian oil, including a possible boycott. “This would give markets enough time for a structural reorientation away from Russian oil,” the analysts said. That's not too far from today's situation, with some traders and banks shunning Russian oil even without sanctions. Yet because of generally higher oil prices, Russia's revenue losses have so far been limited.
wftv.com