International sanctions

Business Insider: World Markets are expecting an Insanely Difficult Summer

World markets are expecting an "insanely difficult" summer due to the partial embargo of the European Union on Russian oil, Business Insider reports, citing analyst Victor Chatenay.

According to him, the only hope for lower resource prices will be "insanely" high interest rates on loans.

Russia braces for economic upheaval as sanctions start to bite

At his garage in the south of Moscow, 35-year-old mechanic Ivan is starting to worry.    

With billions of dollars in financial reserves and money still coming in from oil and gas exports, Russia has yet to feel the full impact of the barrage of Western sanctions imposed over its offensive in Ukraine.    

But Ivan sees storm clouds on the horizon.    

Turkey conditions NATO; Fierce fights in Severodonetsk; NATO drone over the Black Sea

At the extraordinary summit in Brussels, the leaders of the European Union reached an agreement on the sixth package of sanctions against Russia, which includes an embargo on oil imports, said the President of the European Council, Charles Michel.

EU Leaders have Backed an Embargo on more than Two-Thirds of Russian Oil Imports

European Union leaders have backed an embargo on "more than two-thirds" of Russian oil imports, European Council President Charles Michel was quoted as saying on Twitter.

During the ongoing summit in Brussels, Michel also commented that the maximum pressure on Russia will end the war, and the oil embargo cuts a huge source of funding for the military machine.