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Oil rallies as EU proposes phasing out Russian supply this year

Oil advanced as the European Union proposed to ban Russian crude over the next six months and refined products by the end of the year.

Photo: Cedar Attanasio/AP/Ritzau Scanpix

Brent futures rose as much as 3.8% to trade near USD 109 a barrel. The EU’s plan is the most significant energy response from the bloc to the war in Ukraine as it seeks to cut reliance on Moscow. Traders have been keenly focused on just how much the war will affect output from Russia, one of the biggest producers.

“This will be a complete import ban on all Russian oil, seaborne and pipeline, crude and refined,” European Commission President Ursula von der Leyen said. “We will make sure that we phase out Russian oil in an orderly fashion, in a way that allows us and our partners to secure alternative supply routes and minimizes the impact on global markets.”

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