Disagreements among European governments make an early decision unlikely, and any exit from Russian oil is expected to be gradual

The consequences of harsh economic sanctions against Russia are already being felt across the globe. WSJ’s Greg Ip joins other experts to explain the significance of what has happened so far and how the conflict might transform the global economy. Photo Illustration: Alexander Hotz

European governments, having decided last week to phase out purchases of coal from Russia, are set to begin a debate this week about a more ambitious target: weaning themselves off Russian oil.

European Union officials in Brussels are seeking to make oil the focus of the bloc’s next set of economic measures against Russia over its invasion of Ukraine.

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