Brent oil price rises due to new sanctions on Russia

The barrel of Brent oil, with which Colombia makes accounts, gained 1.65% at the beginning of the session on Tuesday and reached US$123.68, driven by the new sanctions once morest Russia, and since yesterday gains have been accumulated by the order of 3.56%.

The countries of the European Union agreed to partially ban imports of Russian oil as part of the sixth package of sanctions for the invasion of Ukraine. According to Charles Michel, head of the European Council, this measure cuts off a “huge source of funding for their war machine.”

Diplomatic leaders from the European bloc met in Brussels, Belgium, to discuss the new set of sanctions, which also includes the withdrawal of Sberbank, known as Russia’s largest bank.

At that meeting, European leaders agreed to ban 90% of imports of Russian crude by the end of this year. The agreement was partial because there will be no purchase of the hydrocarbon supplied by tankers, but the supply delivered to the south of the Druzhba pipeline, which supplies Slovakia, the Czech Republic and Hungary, was exempted.

Hungary, as documented by various international agencies, is the country that has shown the most reluctance to blockade because it is completely dependent on Russian oil.

“We have a clear political statement from Poland and Germany that, like the others, they will reduce Russian oil, until the end of the year. We have generally covered the 90% of Russian oil that is going down during this period. There remains the 10% or 11% that is covered by the southern Druzhba pipeline. For the time being, we have agreed to an exemption,” confirmed Ursula von der Leyen, President of the European Commission.

Brent rose for the ninth day in a row and is up nearly 13% since mid-May. So far this year, the barrel of crude has climbed 58%.