BREAKING: US will suspend trade ties with Russia, while EU seek cautious 'phase out' from Russian energy

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Bipartisan leaders of the House and Senate Trade Committees announced an agreement on legislation to halt regular trade relations with Russia and Belarus including energy imports. Meanwhile EU politicians published a draft declaration in which they agree to phase out dependency on Russian gas, oil and coal imports and to accelerate development of renewable energy sources, boosting the interconnection of European gas and electricity networks. EU leaders also talked about microchips production, fiscal policies, food security etc., sadly no ban on Russian energy imports has been declared.

OIL.WTI bounced off the local upward trendline and moved slightly higher following the news. Source: xStation5

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