economy
March 25, 2026
EU delays proposal to completely ban Russian oil imports amid Iran war
The EU has reportedly postponed a proposal to ban Russian oil imports, removing the draft from the agenda as the Iran war fuels energy price turmoil
TL;DR
- EU has delayed plans for a complete ban on Russian oil imports.
- The delay is attributed to renewed turbulence in energy markets driven by the war in the Middle East.
- Coordinated US-Israeli strikes on Iran and subsequent Iranian retaliatory attacks have led to the effective closure of the Strait of Hormuz.
- This closure has triggered a rally in oil and gas prices, with Brent crude climbing to around $120 per barrel.
- The EU is already grappling with the fallout from its decision to cut energy ties with Russia and its green transition policies.
- Some European leaders and Russian officials have criticized the EU's energy policies.
- The 'oil blockade' of the Druzhba pipeline by Ukraine has exacerbated tensions within the EU.
Continue reading the original article