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On February 5, the export of Russian oil products from the European Union will be prohibited.
As the nearly year-long assault on Ukraine by the Kremlin continues, Europe is ready to increase the pressure on Russia's oil revenues in an effort to drain President Vladimir Putin's war chest. The planned restrictions, however, have some energy analysts concerned that they could result in "severe market dislocations." On February 5, the export of Russian oil products from the European Union will be prohibited.
The embargo will go into force exactly two months after the West took the by far most major action to stop the export of fossil fuels, which is how Russia's war is being funded. On December 5, the Group of Seven put a $60 ceiling on the cost of Russian oil. Along with other G-7 members, the EU also imposed an import restriction on Russian crude oil transported by water.
The upcoming EU embargo on Russian petroleum products is anticipated to be both more complicated and disruptive than previous embargoes. The purchase, import, or transfer of seaborne crude oil and petroleum products from Russia is prohibited as part of the sixth round of sanctions the European Union announced against Russia in June of last year.