Calls for the EU to sanction oil and possibly gas have gained impetus this week in response to civilian killings that Ukraine and its allies have called war…
“These sanctions will not be our last sanctions,” the head of the EU executive, Ursula von der Leyen, told the European Parliament on Wednesday. “Now we have to look into oil and revenues Russia gets from fossil fuels.”Russia is the world’s largest oil exporter, and among the top three producers globally alongside the United States and Saudi Arabia.Article content
Blocking oil would have a far bigger financial impact than the coal sanctions the EU has proposed, depriving Moscow of a major revenue stream. As a result, Russian Urals crude is trading at a heavy discount, with India among those hiking imports of the cheaper supply since Moscow launched what it calls a “special military operation” in Ukraine.
Overall, 97% of the crude that Europe uses comes from abroad. Russian diesel also covers about 10% of Europe’s demand. Amid a tight gas market and limited European infrastructure for importing liquefied natural gas, analysts say it is easier for the EU to replace Russia’s oil than gas, as other crude producers could increase volumes. Whether they will, is another question.
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