EXPLAINER: What’s the impact if Europe cuts off Russian oil?

By The Associated Press

The European Union’s executive commission has proposed phasing out imports of Russian oil within six months. That’s one way to stop paying into the Kremlin’s war chest as it wages war against Ukraine. Europe is Russian President Vladimir Putin’s biggest customer for the oil shipments that support his budget. But Europe could face higher prices. And the move could send an oil shock through a global economy that’s still rebounding from the COVID-19 pandemic. Consumers are already seeing higher prices for fuel and heating. European officials are trying to soften the blow by phasing in the embargo.