Russia would have to use tankers willing to get around sanctions to ship its crude to Asia. It's known in the oil industry as a "shadow fleet."
Catch up on key developments and the latest in-depth coverage of Russia's invasion of Ukraine.
Plans take effect next week that would ban most Russian oil imports from Europe and put a price cap on the oil going elsewhere. But Russia could still make money off oil to fund its war in Ukraine.
The move has to be adopted unanimously, and Hungary — with a state oil company dependent on Russian imports and a populist leader friendlier toward Putin than most — has refused to go along.
As of Monday, the average cost of a gallon of regular fuel is now $4.325, according to AAA. Both ride-share companies say they're adding surcharges to deal with the spike in gas prices in the U.S.
President Biden described the move as a critical step to punishing Russian President Vladimir Putin for invading Ukraine, but said as a result, Americans should prepare for price hikes at the pump.