Published
Update
Article written by
/2021/12/14/61b8b98e077d1_france-2.png)
On Monday May 30, the European Union decided to put in place an embargo on Russian oil, stopping 92% of imports by the end of 2022. But what does this mean for the Russia?
After several weeks of negotiations, the European Union decided to adopt an embargo on almost all Russian oil on Monday 30 May. By the end of 2022, 92% of Russian imports will be stopped. Imports by boat will be interrupted and only certain landlocked countries (Czech Republic, Slovakia and Hungary) will continue to use a pipeline. Other countries will have to look elsewhere for oil, which could cost more.
Members of the European Union pay Russia €10 billion each month for its oil. An embargo, even partial, would represent more than 100 billion euros of loss per year for Russia. “It will take months, and possibly even probably years, for these sanctions to take full effect and truly succeed in weakening the economic base of the Putin system.”, explains Thomas Pellerin-Carlin, director of the energy center of the Jacques Delors Institute. At the same time, Europeans remain dependent on Russian gas.