PRESS ROOM
Oil markets remain volatile as US and UK ban Russian imports
Friday 11th March '22
The US has banned the import of oil and other energy products from Russia while the UK has said that it will phase out Russian imports by the end of the year. While no sanctions have been imposed on Russian energy exports, the move is designed to put additional pressure on Russia. Oil prices remain volatile as market participants continue to react to the latest developments. Europe has not yet followed suit. Around 41% of European Union’s gas imports, and 27% of oil imports come from Russia (according to the European Commission).