The European Union is seeking to fully phase out its dependency on Russian energy "well before 2030" to ensure the 27-nation bloc no longer faces difficult decisions about hurting their own economies in geopolitical crises like the invasion of Ukraine.

The EU leaders meet in Versailles outside Paris for a two-day summit starting Thursday and will be working on ways to reduce their dependency on Moscow for fossil fuels.

Stocks around the world swung on Tuesday, oil prices rose sharply and the price of nickel surged so much that trading for it was shut in London, as the economic fallout from Russia's invasion of Ukraine keeps rocking markets.

The S&P 500 was virtually flat in early trading after swinging between gains and losses, as gains for ExxonMobil and other oil companies benefiting from higher crude prices weighed against losses elsewhere.

Libya's national oil company said it resumed oil production Tuesday from the country's largest field three days after an armed group shut it down.

The state-run National Oil Corporation said pump valves at the Sharara field were opened a few minutes after midnight local time.

President Joe Biden announced a ban on US imports of Russian oil on Tuesday, in the administration's most far-reaching action yet to punish Moscow for invading Ukraine.

"We're banning all imports of Russian oil and gas and energy. That means Russian oil will no longer be acceptable at US ports and the American people will deal another powerful blow to (President Vladimir) Putin," Biden said in an address from the White House, adding that the decision was taken "in close consultation" with allies.

U.K. lawmakers are set to pass a bill on Monday aimed at toughening sanctions on Russia and rooting out ill-gotten money from the British economy.

Prime Minister Boris Johnson said the Economic Crime Bill will let British authorities "pursue (Russian President Vladimir) Putin's allies in the U.K. with the full backing of the law, beyond doubt or legal challenge."

FlyDubai on Monday reported a $229 million profit last year as the state-owned budget carrier saw its business rebound from the coronavirus pandemic and as regulators allowed it to again fly the Boeing 737 Max.

FlyDubai nearly doubled its revenue in 2021 to over $1.4 billion, compared to just $773 million the year before in the thick of pandemic restrictions and after two crashes saw the 737 Max grounded. In 2020, the airline saw a loss of $194 million.

Leading Russian banks are looking into issuing cards that operate on a Chinese payment system after Visa and Mastercard said they would cut their services in Russia over the invasion of Ukraine.

Sberbank and Tinkoff Bank said that they are considering the possibility of payment cards powered by China's UnionPay system. Sberbank, Russia's largest bank, said it would announce the launch date later.

- Bakeries Closing Doors -

Several bakeries closed Monday as mills only delivered flour to Arabic bread bakeries, according to the mills agent in the South, Ali Rammal.

If the Russian war on Ukraine is prolonged, Lebanon could face wheat shortages starting July.

That could create food insecurity and throw more people into poverty in Lebanon, where diets are dominated by government-subsidized bread.

A top member of the gas station owners syndicate of Lebanon, George al-Brax, has reassured that there is no gasoline shortage in the market, asking consumers not to panic, as long queues returned to fuel stations over the past hours.

“The fuel quantities that are reaching Lebanon have become smaller than before, but what we’re receiving is sufficient to meet domestic need,” Brax said in a TV interview.