Europe considers sanctions on Russian energy imports as oil prices surpass $120 per barrel

While traders await Europe's decision on Russian oil import sanctions, oil prices remained elevated during early trading on May 30.

In the July crude oil contract, Brent crude oil reached $120.02 per barrel by 11 a.m. Eastern Time (7 a.m. UTC) on May 30, its highest level in over two months. WTI crude futures in the United States traded at $115.72 per barrel. May 30–31 is set as the date for a meeting in the European Union to discuss the six-point package of sanctions against Russia for its invasion of Ukraine.

Over 1,000 Russian individuals, banks, and businesses were targeted by the EU in the past five sanction packages. In light of the fact that many nations are highly dependent on Russian energy imports, the EU member states have not yet agreed on how to implement this package.

Russian energy is purchased by Europe in the largest amounts. The bloc imported about 27 percent of its crude oil from Russia in 2021. About 2.4 million barrels of oil are delivered through pipelines each day, accounting for 35 percent of that total.

30 May 2022