The EU ban on Russian oil is expected to further inflate oil prices, increasing Moscow’s oil revenues The ban on imports of Russian crude proposed by the EU authorities will only raise Moscow’s oil revenues, according to Norbert Rucker, head of economics and next-generation research at Swiss wealth manager Julius Baer.

Core inflation in the Eurozone accelerated in June, the statistics agency Eurostat revealed last week. In the 20 countries that share the euro, core consumer prices – which exclude food and energy – gained 5.5% year-on-year, up from a preliminary estimate of 5.4% and a reading of 5.3% in May, the data showed.

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