The US government and EU authorities said over the weekend that they are considering banning Russian oil imports. Shortly after, the ruble dumped by another 10%, while oil prices skyrocketed during early Monday trading hours.
Ruble Dumps, Oil Soars
Following President Putin’s “special military operation” against Ukraine, which became an all-out war between the two former Soviet states, the EU and the US began imposing sanctions against Russia instead of getting directly involved in the conflict.
This resulted in countless western companies leaving the Russian Federation, freezing assets belonging to oligarchs, banning some banks from SWIFT, and others. Oil, though, one of Russia’s largest exports, remains untouched, at least for now.
The situation could change soon as the EU and the US said over the weekend that they are in “active discussions” to develop legislation prohibiting the imports of Russian oil.
“We are now in very active discussions with our European partners
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