EU Commission is reportedly on the 15th of April to propose legislation to phase out the remaining Russian oil imports, according to a draft document

EU Commission is reportedly on the 15th of April to propose legislation to phase out the remaining Russian oil imports, according to a draft document.

The EU Commission's proposal to phase out the remaining Russian oil imports marks a significant escalation in the energy sanctions against Russia, reflecting the bloc's commitment to reducing dependence on Russian energy sources. This move is likely to impact oil prices and could trigger volatility across various asset classes, particularly in currencies linked to commodity flows, such as the Euro and USD. Additionally, it raises concerns about supply disruptions and could have implications for inflation and the broader economic landscape in Europe.