EU set to end Russian domination of energy market

The European Union is expected to outline oil sanctions against Moscow on Wednesday, a move that would effectively end Russia’s decades-long dominance of Europe’s energy market.

Russia is facing new measures from the EU that would target its banks and oil industry, a difficult step for European countries that rely heavily on Russian energy. European Commission President Ursula von der Leyen is expected to spell out the proposed new sanctions on Wednesday, including a ban on imports of Russian oil by the end of this year.

Russia’s oil sales to Europe are currently worth around €300 million a day, estimates Florian Thaler, chief executive of OilX, an energy research firm.

The UK, which is not a member of the European Union and has its own oil production from the North Sea, has said it will phase out Russian energy.

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