The European Union is close to reaching an agreement on banning the import of Russian oil. Some Eastern-European member states, particularly Hungary, are trying to obtain exemptions or delays on the implementation of the ban. All in all, however, it seems likely that many if not all EU members will soon agree to ban Russian crude oil completely within the next six months, while refined oil would be phased out by the end of 2022. The ban is only the latest EU disciplinary economic measure which the bloc has levelled against Russia. On February 24, the starting day of the Russian invasion...