The European Union will impose a sixth embargo against Russia. What about the oil ban?

Brussels will soon impose a sixth embargo against Russian President Vladimir Putin, including “some form of oil embargo,” after pressure from the European Union (EU) to lose profitable revenue from Moscow’s executive vice president, Valdis Domprovsky. The European Commission said The Times.

Oil RefineryPhoto: Paul Robson / Science Photography / Profimedia Images

“We are working on a sixth embargo. One of the issues we are considering is a form of oil embargo. .

The exact details of the oil embargo have not yet been agreed, but Domprovsky said Russia could gradually suspend oil or impose export taxes beyond the specified price range.

“There will be some subtleties and more work in progress,” said Domprovsky, the former prime minister of Latvia.

EU officials said new sanctions could be introduced when all countries reach a consensus. He said the embargo would require the unanimous support of 27 member states and could be agreed by next month.

Brussels is also considering removing Sberbank, Russia’s largest bank, from its Swift payment system, the commission said. Officials agreed that any such project would require the approval of states such as China and India, which are not part of Western sanctions.

Dombrovsky stressed that the EU was in contact with India and China, but that no decision had been made on international tariffs. He said the alliance should be as broad as possible.

The embarrassments of the Europeans

One of the dilemmas facing Western nations is that additional sanctions on oil will push up commodity prices, affect the European economy and boost Moscow’s revenues. Unlike natural gas sold through some pipelines, it is not easily diverted and can be sold to any customer who wants oil in Russia.

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The European economy, led by Germany and Italy, has been hit by rising gas and oil prices. According to the International Monetary Fund, the total energy embargo will be lifted by 3% of the eurozone next year.

Following US pressure to impose a large-scale embargo, US Treasury Secretary Janet Yellen has changed her position in recent days. He also warned that rising oil prices would exacerbate global inflationary pressures.

In the absence of sanctions, the EU is preparing to abandon Russian power altogether in the coming years. The European continent is facing a winter in which economists have warned that energy could be regulated if Moscow’s supply diverges from current levels.

“We have to make informed decisions about how and what kind of sanctions we impose,” he said.

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