By allowing ads to appear on this site, you support the local businesses who, in turn, support great journalism.
EXPLAINER: Effects of EU Russia oil ban, Moscow's response
20220601-150232-preview.jpg
European Council President Charles Michel, centre right, and European Commission President Ursula von der Leyen, centre, leave the Europa building after an extraordinary meeting of EU leaders to discuss Ukraine, energy and food security in Brussels, Tuesday, May 31, 2022. - photo by AP Photo/Olivier Matthys
THE HAGUE, Netherlands (AP) — The European Union has agreed to slash Russian oil imports in a tough escalation of the bloc's campaign of sanctions to punish Moscow for its invasion of Ukraine. It's a landmark decision that will hit Russian coffers in the long term, but could also hurt consumers across the European continent. The move agreed late Monday at an EU leaders' summit in Brussels comes amid soaring energy prices in Europe and could spark more rises, particularly later this year as nations compete for natural gas supplies to heat homes and fire industries, analysts say.