The European Union's proposed phased embargo of Russian oil, as part of a new round of sanctions against Moscow for its invasion of Ukraine, means Russia will inevitably look to Asia, one analyst said on Wednesday. The EU proposed its toughest sanctions yet against Russia on Wednesday, including a phased oil embargo, as Kyiv said Moscow was intensifying an offensive in eastern Ukraine and close Russian ally Belarus announced large-scale army drills. Livia Gallarati, Senior Oil Markets Analyst at Energy Aspects, a global energy research company based in Canary Wharf, said Russian oil production is already decreasing. Energy Aspect believes…
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