BREAKING: Russian gas exports drop 27 percent

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By Gideon Adonai

Russia’s Gazprom said Wednesday its gas exports to countries outside of the former Soviet Union dropped by more than a quarter year-on-year between January and May after losing several European clients.

 

Earlier on Monday, European Union leaders to embargo most Russian oil imports into the bloc by year-end as part of new sanctions on Moscow worked out at a summit focused on helping Ukraine with a long-delayed package of new financial support.

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The embargo covers Russian oil brought in by sea, allowing a temporary exemption for imports delivered by pipeline, a move that was crucial to bring landlocked Hungary on board a decision that required consensus.

E.U. Council President Charles Michel said the agreement covers more than two-thirds of oil imports from Russia.

Ursula Von der Leyen, the head of the E.U.’s executive branch, said the punitive move will “effectively cut around 90 percent of oil imports from Russia to the E.U. by the end of the year.”