EU leaders reached a weekend agreement to ban the majority of Russian crude imports, but data show the global flow of oil has already been altered.
Monday's agreement among the bloc's leaders targets Russian seaborne crude, leaving room for countries, including Hungary, to continue importing supplies via pipeline.
"Russia's invasion of Ukraine has sparked an unraveling of how the global market historically sourced barrels," RBC said Tuesday in a note to clients.of Russian oil output was at risk. Those estimates have since been revised lower, but data collected prior to the EU agreeing to ban Russian oil show that exports of Russian fuel into Northwest Europe had already fallen off a cliff.
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