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The European Union has reached a deal to ban the import of Russian oil , EU council president Charles Michel said late on Tuesday. In a tweet, he said it would immediately covers more than two thirds of oil imports from Russia, “cutting a huge source of financing for its war machine”.A proposed exception for oil delivered by pipeline earlier edged the EU towards finalising the deal to sanction Russia and squeeze its financial ability to wage war in Ukraine.

German inflation hit another post-World-War-II record high, piling pressure on The ECB’s need to exit from crisis-era stimulus after numbers from Spain also printed hotter than expected. Driven by soaring energy and food costs, this morning’s data showed consumer prices in Europe’s largest economy surged 8.7% YoY – far hotter than the +8.1% expected (the highest since the start of the monthly statistics in 1963). And top of that, the German 10-year Bund rate rose +9.4 BPS this morning, although Finland, Hungary and Slovakia all rose above +10 BPS. While US markets are closed today in honor of Memorial Day,...

ussia had up to 79 million barrels of crude either travelling on tankers or held in floating storage over the past week, Kpler's estimates have shown The Ekofisk oil field off the North Sea. Europe's frantic search for alternatives to Russian natural gas has dramatically increased the demand — and price — for Norway's oil and gas. As the money pours in, Europe's second-biggest natural gas supplier is fending off accusations that it's profiting from the war in Ukraine. — AP file photo by Issac John Published: Sun 29 May 2022, 3:58 PM As the European Union countries wrangle to...

Days after taking office as Germany’s vice chancellor and economy minister in December, Robert Habeck asked his most senior officials for a detailed assessment of his country’s dependence on Russian energy. The result shocked him. The country heavily relied on Russian hydrocarbons to power vehicles and factories and heat homes, and there was no contingency plan to secure other supplies, Mr. Habeck said. The government had no viable alternative to Russian imports.

Ten more European gas buyers have opened accounts in Gazprombank JSC, doubling the total number of clients preparing to pay in rubles for Russian gas as President Vladimir Putin demanded.A total of twenty European companies have opened accounts, with another 14 clients asking for the paperwork needed to set them up, the person said, speaking on condition of anonymity to discuss confidential matters. He declined to identify the companies.