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European Commission: it's too early to talk about the embargo on Russian oil


Avril, 11 2022
watermark Economic news

European Commission President Ursula von der Leyen and EU diplomacy Chief Josep Borrel announced their intention to impose an embargo on Russian oil exports. At the same time, politicians recognize that it is too early to give specific comments on this issue, and no additional steps are being taken towards the implementation of these sanctions. 


Officials note that work is currently underway on the sixth package of sanctions against the Russian Federation, but it does not assume the presence of a ban on Russian raw materials. 


This is due to the fact that in conditions of varying degrees of dependence of the EU states on Russian oil, it is difficult to quickly achieve the necessary consensus in such cases when discussing the issue. 


«The refusal of oil or gas cannot be carried out from day to day. It is obvious that if the supply is immediately cut off, there will be neither electricity nor fuel, and this is something that the political leaders of the member states have to take into account,» the EC representative said.


At the same time, it is worth noting that some EU member states that are completely dependent on Russian energy carriers do not want to touch on the issue of the embargo on oil from the Russian Federation at all at the moment.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.