Today, the European Union, G7, and Australia have taken drastic action against Russia by banning its diesel and other oil products over the Ukraine crisis. This ban will take effect immediately.
The ban is a result of the EU, G7, and Australia placing a price cap on Russian diesel and other oil products. This price cap is intended to put pressure on Russia to end its involvement in the Ukraine crisis.
In response, Russia has lashed out at the EU, accusing them of trying to limit its economic power and influence.
The ban is expected to have a significant impact on the Russian economy. Analysts have predicted that the ban could lead to a decrease in Russia’s GDP by as much as 1%.
Despite the ban, the EU, G7, and Australia are hoping that this latest move will be another nonevent and that Russia will eventually come to the negotiating table.
This story is developing and more information will be provided as it becomes available.
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