Russia’s decades-long dominance of Europe’s energy market is crumbling, and the biggest blow is expected this week as the European Union moves toward a ban on Russian oil. On Wednesday, the European Commission president, Ursula von der Leyen, proposed a complete import ban on Russian oil with crude phased out over six months and refined products stopped by the end of the year, subject to approval by the member states. With this phased approach, “we maximize pressure on Russia, while at the same time minimizing collateral damage to us and our partners around the globe,” she said. Oil prices rose after the announcement. Brent crude was up more than 3.7 percent for the day. Analysts say it will be possible to sever Europe’s oil ties to Russia, but the effort will take time and may lead to shortages and higher prices for gasoline, diesel, jet fuel and other products — a situation that could penalize consumers already struggling with inflation and, ultimately, derail the economic recovery from the pande …
