Discussions within the European Commission on the possibility of imposing sanctions on Russian oil are underway, confirmed the representative of the Commission, Eric Mammer.
Asked to comment on statements by French Finance Minister Bruno Lemerre that an embargo on Russian oil was being planned at EU level, the commission spokesman said: “This is something that the head of the Commission, Ursula von der Leyen, has already announced.” >
In particular, when presenting the 5th package of sanctions against Moscow by the European Parliament in Strasbourg, Ursula von der Leyen had made it clear that the Commission was considering further sanctions, including oil, Eric Mammer reminded.
The European Union (EU), which has imposed five rounds of escalating economic sanctions on Russia since launching its invasion of Ukraine on February 24, has come under intense pressure from allies to stop filling the Kremlin's coffers with oil imports. So far it has kept gas imports out of the discussion from Russia, because it is a very critical issue for European economies, especially Germany.
Mamer recalled that at the weekend Ursula von der Leyen said in an interview with a German newspaper that the Commission was mechanisms “to stop oil imports from Russia.
” These discussions are ongoing, “the commission spokesman said, declining to give further details. How much oil does Russia export?
Russia is the third largest oil producer in the world , after USA and Saudi Arabia .
, more than half were shipped to Europe before the sanctions were announced.
Russian imports accounted for 8% of total oil demand in the United Kingdom and 3% of US demand. On By early April, Russian oil production had fallen by 700,000 barrels a day , according to the International Energy Agency (IEA).
million barrels per day by the end of April and about three million by May. This follows European buyers looking for alternative suppliers and the US completely banning Russian oil imports in early March.
Russia may try to find new markets for oil in Asia or elsewhere, but if production continues to fall it could ultimately affect its economy.
What are the alternatives to Russian oil? ;
Energy policy analyst Ben McGilliams says, according to the BBC, it should be easier to find alternative suppliers for oil than gas , because while some come from Russia, “there are also many missions from elsewhere.”
Some ILO members have released the equivalent of 120 million barrels of oil reserves & # 8211; Joe Biden has ordered a significant release of oil from US reserves in a bid to reduce high fuel costs.
The US also wants Saudi Arabia to increase oil production and consider easing sanctions on Venezuelan oil.
