EU Looking Into Halting Oil Purchase From Russia: Learn How Will It Impact Its Economy
The European Union (EU) is conducting an in-depth assessment of the extent to which the Russian economy will be affected by a complete halt to Europe's purchase of oil and gas from Russia. Experts are trying to guess the amount of oil and gas that European countries buy from Russia, will Russia be able to find new customers to sell it? Half the market out of reach of Russia The EU had previously been reluctant to stop oil and gas imports from Russia. But now there is a consensus about this. EU experts are of the opinion that if Russia is unable to find new customers, its economy will be badly hurt by the EU halting purchases. Oil and gas are the biggest sources of foreign exchange income for Russia. The US, Canada, Britain, and Australia have halted purchases of Russian oil and gas. J
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