Plans take effect next week that would ban most Russian oil imports from Europe and put a price cap on the oil going elsewhere. But Russia could still make money off oil to fund its war in Ukraine.
Pipeline deliveries, which are critical to Hungary, Slovakia and the Czech Republic, won't be affected by the ban. The much more complicated issue of Russian natural gas remains unresolved.
The move has to be adopted unanimously, and Hungary — with a state oil company dependent on Russian imports and a populist leader friendlier toward Putin than most — has refused to go along.
As of Monday, the average cost of a gallon of regular fuel is now $4.325, according to AAA. Both ride-share companies say they're adding surcharges to deal with the spike in gas prices in the U.S.
President Biden described the move as a critical step to punishing Russian President Vladimir Putin for invading Ukraine, but said as a result, Americans should prepare for price hikes at the pump.
