Maurizio Delgado



EU Summit Struggles to Find Solution on Russian Oil Embargo

An oil embargo on Russia would affect the global economy in many ways. First, it would squeeze global markets. Second, it would reduce supplies to many countries, particularly the European Union, which relies on Russia for more than 30 percent of its oil supplies. Third, an oil embargo would force Europe to cut back on its consumption and imports, which would in turn push up prices and reduce global GDP.

EU Summit Struggles to Find Solution on Russian Oil Embargo