Why Are Europe’s Biggest Commodity Traders Still Dealing With Russian Oil?

It's seven weeks into the fastest-growing humanitarian crisis since World War II, and the war appears to have entered a new phase with no obvious route to end the conflict. Russian President Vladimir Putin on Tuesday called the war in Ukraine a "tragedy" but insisted that Russia had "no choice" but to invade its western neighbor. Putin added that economic sanctions imposed on his country have "failed," asserting that the Russian economy is steady despite the blows. With some of its $630 billion in foreign currency reserves still accessible, it…