Threat of EU oil ban already costing Russia

Russia is already losing oil income due to the threat of a future EU embargo and there is no evidence of large-scale sanctions evasion, the EU Commission has said.

Some form of oil embargo will "certainly be part of" the upcoming, sixth round of EU sanctions on Russia, Ivo Schmidt, a commission official dealing with the energy sector, told MEPs in a hearing in Brussels on Wednesday (20 April).

This will have a "massive impact" on Russia's war chest when it comes into force in th...