EU readying Russian oil embargo – media — Analysis
Even though Russia is the largest oil supplier to the bloc, it is now ready to end its purchase of Russian oil.
According to the New York Times, Thursday’s report by the New York Times said that the European Union has prepared a complete embargo against Russian oil imports. Given that Russia is Europe’s largest oil supplier and such a decision will have political and economic fallout, EU officials are waiting until after the upcoming French election to announce the decision, the newspaper reported.
After the last round of French election results on April 24, EU officials informed the Times that they will negotiate the proposed embargo. They acknowledge that the resulting rise in fuel prices could harm the incumbent French President Emmanuel Macron but boost Marine Le Pen’s right-wing rival, who currently polls within five points of Macron.
Five rounds of economic sanctions were imposed against Moscow. The EU also announced an EU-wide ban on Russian coal imports, and the complete cessation of fossil fuel purchase from Russia until 2030. A ban on gas imports is currently not possible, since the bloc depends upon Russia to provide 40% of its natural gasoline.
Europe still relies heavily on Russian oil which supplies around 25%. Germany is still more dependent on Russia than the rest, buying a third its oil from Russia.
Germany has voluntarily canceled the Nord Stream 2 pipe and supported sanctions against Moscow in response to the conflict there. However, the leaders of the bloc have warned that a ban all-encompassing on Russian energy imports from the bloc would devastate its economy, as well its industry.
“Going cold turkey on fossil fuels from Russia would cause a massive, instant disruption,” Emily Haber, Berlin’s ambassador to the US, wrote on Twitter on Wednesday. “You cannot turn modern industrial plants on and off like a light switch. The knock-on effects would be felt beyond Germany, the EU’s economic engine and 4th largest economy in the world.”
According to the Times, EU officials will propose a phased ban to ensure Berlin’s support.
Russian President Vladimir Putin also warns that Western leaders could harm their own nations by cutting off Russian energy flow. “The consequences of this may be extremely painful, primarily for the initiators of the policy,”After a Thursday meeting, he stated that he had spoken to officials. Putin also acknowledged that Russia’s production has been affected by Western sanctions, and that the country will need to add new pipelines to its network to reach new customers in Asia.
OPEC Secretary General Mohammed Barkindo told EU officials Monday that if the EU does not follow the embargo announced, a worldwide oil-supply crisis would occur. Barkindo warned Europeans it would happen. “impossible”To replace the 7,000,000 barrels of oil that Russia is importing every day to the US, we urged them to make a greater effort. “realistic”Approach to Energy Transition
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