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The Europeans agreed on Monday, May 30, on an embargo on Russian oil. All importation by sea will be prohibited within six months. The 27 will have to find new sources of supply, which could stretch the market and lead to an increase in the price for consumers.
After weeks of negotiations between heads of state, in particular with the Hungarian Viktor Orbanthe European Union agreed on Monday, May 30, on a symbolic text which provides that, at the end of 2022, all imports of Russian oil by sea will be prohibited. This represents two thirds of European Union purchases.
Landlocked countries will still be able to get supplies for a while, via the Druzhba pipeline. This is the case of Hungary, whose 65% oil comes from Russia. In France, Russia represents only 15% oil imports. It is therefore useless to make reservations, according to the experts. However, it will be necessary to reorganize the logistics channels to other countries. The price of gasoline should therefore rise again for a few months. The loss for Russia is estimated at 80 billion euros. So much less money to finance the war against Ukraine.