Putin’s oil empire handed lifeline as Saudi Arabia ties deal huge blow to EU sanctions. Source: EXPRESS Daily Briefing

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Putin’s oil empire handed lifeline as Saudi Arabia ties deal huge blow to EU sanctions

VLADIMIR PUTIN’S oil empire is braced for a blow due to Western sanctions, but his ties with Saudi Arabia could help him swerve the impacts and keep raking in cash.

By Jacob Paul

12:57, Tue, Aug 16, 2022 | UPDATED: 13:31, Tue, Aug 16, 2022

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Russian state TV host taunts Europe over high gas and oil prices

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Ever since Russia launched its brutal invasion on February 24, the West has been scrambling to damage its economy to deal a blow to its war efforts. The EU in has handed Moscow billions due to its reliance on Russian oil, but has pledged to phase out imports of the fossil fuel. Back in June, the bloc included in its sixth sanction package a ban on the import or transfer of crude oil and certain petroleum products from Russia to the EU.

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