The EU embargo on Russian oil has been in effect since Monday.
(Photo: dpa)
The European Union (EU) oil embargo has been in effect since Monday. From now on, no Russian oil may enter the EU by sea. Germany also intends to forgo oil supplies via the Russian Druzhba pipeline by the end of the year. From February 5th, there will also be an EU-wide import ban for processed products such as diesel or kerosene from Russia. In addition, the EU and the G7 countries have decided on an oil price cap.
The aim is to use these measures to make it more difficult for Russia to finance the Ukraine war. After all, the sale of oil is one of the most important sources of income for Russia.
But is that actually possible and do the measures make sense? Is it good that the EU is trying new ways to counter Russia? Or is she just hurting herself? In the middle of a gas and electricity crisis, are there also oil bottlenecks and, as a result, higher prices?
Write us your opinion in five sentences on [email protected]. We will publish selected articles with attribution on Thursday in print and online.
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Russia not only ships its oil to the EU, but worldwide. Alternative buyers could therefore be found quickly. And indeed it is also wanted that Russia continues to sell oil to third countries. Otherwise, it is feared, the world market prices for oil could be driven up by the increased demand for non-Russian oil – and with it Russian sales.
However, the sale should take place at a price dictated by the West, at least according to the idea behind the oil price cap. The West wants to use its influence on the oil market for this. Because many oil tankers sail under the European flag and many insurance companies from the industry are based in Great Britain.
Shipping companies in the EU, for example, are now only allowed to transport Russian oil if it is sold at a maximum price of 60 US dollars per barrel. The same applies to insurers, reinsurers or other financing of the oil business.
>> Also read our comment: The oil price cap can do something that other sanctions against Russia cannot
But even this can theoretically be circumvented by changing the flag of ships or, for example, by Asian insurance companies entering the market. In addition, Russia has announced that it will no longer deliver to any country that adheres to the upper limit.
More: Turkey stops oil tanker on Bosphorus