The European Union’s pledge to ban most Russian oil is forcing it to rewire an economy that is geared to run on cheap Russian fuel—and threatens to deprive Moscow of revenue from its most valuable export. Senior EU officials are expected to sign off on the oil embargo in the coming days, raising the intensity of the bloc’s economic retaliation against Russia for the war in Ukraine. Leaders of EU member states said late Monday they had agreed in principle to ban Russian crude and refined fuels that arrive on…
Read MoreEU’s Ban on Russian Oil Adds Stress to Region’s Economies
