Together with an EU embargo, that would put about half the global economy off limits to Russian oil. Last year, it received about a third of its oil imports from Russia, according to the IEA. Europe imported roughly 3 million barrels of oil per day from Russia in April, according to Rystad Energy. Hungary's government said it would need three to five years to wean itself off Russian oil. China, historically the single biggest buyer of Russian oil, had been expected to go on a shopping spree, too.

Source: CNN May 09, 2022 21:08 UTC