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EU bans Russian oil

News: Because Ukrainians wanted their country to join the European Union, the Russia-Ukraine crisis grew worse. Even though the conflict centred on the Crimean peninsula and Russia’s acquisition of it, it erupted with Ukraine’s desire to join the EU. In response to Russia’s invasion of Ukraine in February 2022, Ukraine requested EU membership. And the EU promptly approved. The conflict between the west and Russia has since gotten worse. Since this problem, the tensions have been rising. The EU recently forbade the import of Russian oil into its member nations.

• Russian oil is no longer available in Europe as retaliation for its invasion of Ukraine. The G7 nations have decided to raise the cost of Russian oil. The US, Italy, Germany, France, Britain, Japan, and Canada are included in this. To reduce Russia’s revenues, which are used to finance its conflict with Ukraine, this is being done.
• 10% of the EU members’ oil needs were met by Russia. The EU countries now need to find other sources to take the place of Russia. It’s anticipated that they’ll look towards the US and the middle east.
• Other nations than Ukraine have applied for EU membership, including Montenegro (in 2010), Serbia (2012), Albania (2014), North Macedonia (2005), and Turkey (1999). They are still placed on hold, though. Ukraine, though, was admitted right away.