OIL embargo – warning of unwanted side effects

oil tanker

Oil entering the EU by sea is subject to sanctions. Pipeline oil, on the other hand, is exempt from the ban.

(Photo: dpa)

Zurich, Brussels After weeks of dispute, the EU has agreed on an oil embargo against Russia, at least a partial one. But does it work as desired? The trade flows of the global oil market will change, that much is certain. Russia will have to find new buyers. And yet doubts and a bad aftertaste remain.

Federal Economics Minister Robert Habeck made it clear on Tuesday that he was not happy with the compromise. Above all, the Hungarian Prime Minister Viktor Orban had “nefariously” gambled for his own interests, the Green politician criticized at the “Business Day” of the Economic Council of the CDU. The strength and determination of Europe suffered from the “choke” around the sixth sanctions package.

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