the European Union proposes an embargo on Russian oil

On Wednesday May 4, in front of the European Parliament in Strasbourg (Bas-Rhin), the President of the European Commission, Ursula von der Leyen, detailed her proposals to strengthen the sanctions against Russia. Military officers will thus be targeted, as well as banks. Above all, the European Union will establish an embargo on Russian oil. “Let’s be clear, it won’t be easy, because some member states are very dependent on Russian oil, but we have to do it”said Ursula von der Leyen.

The Europeans are moving towards a gradual embargo: within six months for crude oil, eight months for refined products, with derogations to grant additional time to the most dependent countries. France is not one of them, and according to economists, it should not run out of oil. On the other hand, the logistics cost will be higher and the announcement of an embargo could cause oil prices to soar, with repercussions at the pump for consumers.