European Union leaders reach agreement to phase out majority of Russian oil imports

After weeks of negotiations, European Union leaders have reached an agreement to ban most oil imports from Russia. It is the toughest measure yet to target Russia and its economy over its war in Ukraine, although it will only apply to oil shipments by tanker – not pipeline oil.

Helima Croft, head of global commodity strategy at RBC Capital Markets, discusses the implications of the EU's ban.