Ursula von der Leyen, European Commission president
Oil sees muted spike on EU import ban
The immediate impact of an official EU embargo on Russian crude and products may be outweighed by a longer-term reaction
The Brent crude benchmark was up by less than 4pc in early Wednesday afternoon trading, at just shy of $109/bl, despite the European Commission proposing a ban on Russian crude and products imports by the end of the year. But, while a combination of nagging doubts about Chinese demand, lack of clarity on potential carveouts from the ban and little trader appetite to take directional price punts may have dampened the immediate impact, analysts warn of longer-term bullishness. “In the last sanctions package, we started with coal; today, we are addressing our dependency on Russian oil,” says Commission president Ursula von der Leyen. “Let us be clear: it will not be easy, because some member st
Also in this section
6 February 2026
The long close relationship between key supplier Qatar and pivotal buyer Japan becomes even deeper following new landmark deal
6 February 2026
Partnerships across the LNG value chain have evolved over time, growing in both complexity and importance, according to panellists at LNG2026
6 February 2026
Nigeria's mega-refinery is still trying to solve many challenges, all while its owner talks up expansion
5 February 2026
While broadly supportive of EU efforts to tackle methane emissions, representatives of the gas industry warn it could deter supply contracting if timelines and compliance requirements are not made more pragmatic
