Russia needs to sell oil. It's running out of options
CNN
Russia has long been powered by oil and Europe's addiction to it. Now, Moscow is faced with an unprecedented challenge: If the continent bars imports of millions of barrels of crude, can it find new customers?
The European Union, once hesitant, is now taking steps to halt the flow of Russian oil and refined products to most member states this year as the war in Ukraine drags on. If the bloc agrees to an embargo, it would strike at the heart of Russia's economy, which has continued to reap profits from its large energy sector.
The United States, Canada, United Kingdom and Australia have already banned imports, and Japan said it would follow suit "in principle" after a G7 meeting over the weekend. Together with an EU embargo, that would put about half the global economy off limits to Russian oil.
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President Joe Biden warned against a streak of “semi-isolationism” in the US as he stressed the importance of alliances during a symbolic visit to the Aisne-Marne American Cemetery on Sunday, honoring the thousands of Americans who died in World War I at a site former President Donald Trump skipped during a 2018 visit to Paris.