EU bans Russian oil
The Russia-Ukraine crisis intensified as Ukrainians wanted their government to join European Union. Though the issue revolved around the Crimean peninsula and its annexation by Russia, the issue exploded with Ukraine’s plan to join the EU. When Russia invaded Ukraine in February 2022, Ukraine asked for EU candidacy. And EU approved immediately. Since then, the tiff between the western world and Russia increased. The tensions have been escalating since this issue. Recently, the EU banned the import of Russian oil to into its member countries.
About the oil ban
European Union has banned Russian oil as a punishment for invading Ukraine. The G7 countries have agreed to increase the prices of oil from Russia. This includes the US, Italy, Germany, France, Britain, Japan, and Canada. This is being done to cut down Russia’s profits that are funding its war with Ukraine.
Will the ban affect EU members?
Russia supplied 10% of the oil needs of the EU members. Now, the EU members should find new supplies to replace Russia. They are expected to turn to the US and the middle east.
Other EU Candidates
Apart from Ukraine, other countries like Montenegro (applied in 2010), Serbia (2012), Albania (2014), North Macedonia (2005), ad Turkey (1999) applied for EU candidacy. However, they are still put on hold. However, Ukraine was immediately made a member.
Related Posts
Month: Current Affairs - February, 2023
Category: International / World Current Affairs