NRGO - EU announces ban on Russian oil but will it dent Kremlin revenues?

The European Commission, the executive arm of the EU, has unveiled new sanctions on Russian energy, including a phase out of crude oil imports within six months and refined products by the end of the year. Brent oil futures (CO1:COM) climbed as much as 5% to $109 a barrel on the news, while WTI crude futures (CL1:COM) advanced 4% to over $106/bbl. The EU also proposed that Sberbank, Russia's largest financial institution, and two other major banks be disconnected from the SWIFT international payment system, while "three big Russian state-owned broadcasters will be barred from EU airwaves." Quote: "Let us be clear: it will not be easy," European Commission President Ursula von der Leyen said during a speech at the European Parliament. "Thus we maximize the pressure on Russia, while at the same time - and this is important - we minimize the collateral damage to us and our partners around the globe, because

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EU announces ban on Russian oil, but will it dent Kremlin revenues?