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High prices, Asian markets could blunt EU ban on Russian oil

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BRUSSELS -- The European Union’s groundbreaking decision to ban nearly all oil from Russia to punish the country for its invasion of Ukraine is a blow to Moscow’s economy, but its effects may be blunted by rising energy prices and other countries willing to buy some of the petroleum, industry experts say. European Union leaders agreed late Monday to cut Russian oil imports by about 90% over the next six months, a dramatic move that was considered unthinkable just months ago. The 27-country bloc relies on Russia for 25% of its oil and 40% of its natural gas, and European countries that are even more heavily dependent on Russia had been especially reluctant to act. European heads of state hailed the decision as a watershed, but analysts were more circumspect. The EU ban applies to all Russian oil delivered by sea. At Hungary’s insistence, it contains a temporary exemption for oil delivered by the Russian Druzhba pipeline to certain landlocked countries in Central Europe. Advertisement In...
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China's Russia dealings irk US, but don't breach sanctions

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BEIJING -- China’s support for Russia through oil and gas purchases is irking Washington and raising the risk of U.S. retaliation, foreign observers say, though they see no sign Beijing is helping Moscow evade sanctions over its war on Ukraine. Beijing's importance as a lifeline to Russian President Vladimir Putin rose Monday after the 27-nation European Union, the main market for fossil fuels that supply most of Moscow's foreign income, agreed to stop oil purchases. President Xi Jinping’s government declared ahead of Russia's Feb. 24 attack that it had a “no limits” friendship with Moscow and has kept the West guessing about whether it might bail Putin out. China rejects the sanctions as illegal because the United States, Europe and Japan cut off Russia from their markets and the global banking system without working through the United Nations, where Beijing and Moscow have veto power. The sanctions don't prohibit China , India or other countries from buying Russian o...
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