EU likely to ban import of Russian oil & gas by year-end: Report

EU energy minister will meet today for a crisis meeting amid fuel shortage.

According to a report by Bloomberg, the European Union plans to ban the import of Russian oil & gas by the year-end. EU will also force out more Russian & Belarusian banks from the SWIFT payment system.

EU energy minister will meet today for a crisis meeting amid fuel shortage. Decisions on the Russian fuel ban are expected to be announced. Germany has advised for a phased wise ban whereas Hungary has asked for an immediate ban.

An independent research group claimed that Germany was the biggest buyer of Russian oil & gas since the start of the Ukraine war, as reported by the news agency AP. Russia invaded Ukraine on February 24 & as per the report Russia has earned about $66.5 billion from fossil fuels export since then. In which the share of Germany accounted for €9.1 billion.

Meanwhile, Russia has cut its fuel supply to Poland & Bulgaria as the two countries rejected to pay in rubles. Russia has demanded European countries to pay in rubles instead of dollars for an uninterrupted supply of oil & natural gas.

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