European Commission faces growing pressure after dropping it from agenda without explanation
The European Commission is under growing pressure to finally table legislation that would ban Russian oil imports, as a show of commitment while some G7 countries waver on their sanctions regime.
Moscow has had a good week: oil is solidly stuck at above $100 a barrel, and with the Persian Gulf closed some G7 countries appear ready to buy Russian again. On Monday, the US extended a sanctions waiver; the UK followed suit on Tuesday.
Russian fossil fuel revenues grew by 4% in April to more than €733 million per day – “the highest revenues in two and a half years”, according to Helsinki-based think tank CREA.
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