tommytwojags
Well-known member
The EU is desperately seeking to engineer an EU-wide ban on Russian oil exports, but with Hungary, Slovakia, the Czech Republic and Bulgaria opposing an oil embargo it is currently failing to reach any kind of agreement. According to the EC President, the key to success is solidarity with Ukraine and unity in the European Union. So not much prospect at all then.
The issue to be resolved is whether an EU ban on Russian oil will have any positive effect. Since the war in Ukraine began, Russia's oil revenue has risen by 50%. A European ban would not only seriously damage European countries but would push up the oil price further and actually increase Russia's revenue with lower production. A win-win for Putin, but a nightmare for European consumers.
So, should Europe be concerned about banning oil supplies from Russia?
The issue to be resolved is whether an EU ban on Russian oil will have any positive effect. Since the war in Ukraine began, Russia's oil revenue has risen by 50%. A European ban would not only seriously damage European countries but would push up the oil price further and actually increase Russia's revenue with lower production. A win-win for Putin, but a nightmare for European consumers.
So, should Europe be concerned about banning oil supplies from Russia?