can the European Union do without Russian oil?

Off the coast of Amsterdam (Netherlands), a Russian tanker has been stuck at sea for four days because dockers refuse to unload it. A way to ask for an embargo on Russian oil. Tuesday, May 3, Charles Michel, the President of the European Council, confirms that an agreement is being finalized on the subject. Behind, the objective would be to deprive Russia of a significant financial windfall. The country exports two thirds of its oil to the European Union and Russian oil represents one third of European imports. Since the beginning of the war, Europe has already paid 20 billion euros to Russia.

Europeans can find alternatives, in particular by going to more distant countries. But deliveries arriving by boat are impossible for landlocked countries such as Hungary or Slovakia. These countries require more time. The embargo will therefore not be effective before the end of the year.