a higher price rise, among the consequences of dispensing with energy from Russia

“We cannot get tired of imposing sanctions […] It is inevitable to start talking about oil,” Lithuanian Foreign Minister Gabrielius Landsbergis said in statements collected by DW. Thus, several ministers of the EU have been in favor of sanctioning Russian oil exports.

In a scenario in which the Western powers no longer count on Russian oil, we would find a large rise in prices accompanied by a increased demand destruction.

Without including natural gas at the moment in the package of possible sanctions against Russia for the account that brings you to the EUin Brussels they have already put on the table the possibility of sanctioning Russian oil and coal exports.

Germany, which depends heavily on Russian gas, has distanced itself from the proposal.

“Prices will go up to around $300, and some believe up to $500”

About 60% of Russia’s oil exports go to Europe and it accounts for 40% of the gas consumed. Therefore, US cessation of oil importsRussian liquefied gas and coal is not a path that the EU can take lightly.

Slovakia leads the list of countries that import the most oil from Russia, approaching 80%. They are followed by Lithuania, Poland, Finland and Hungary. Spain is at the bottom, followed by Ireland, Portugal and Cyprus.


Russia is the world’s largest oil exporter, shipping 8 million barrels a day of crude and refined oil products to customers around the world.

This decision by the community bloc will bring, warns the Kremlin, more problems for the European continent than for Moscow. The first effect would be a rise in oil prices to 300 dollars per barrel:

“If there is resignation [al crudo ruso]prices will go up to about $300, and some believe up to $500,” said Russian Deputy Prime Minister Alexandr Novak.

A price hike will intensify the demand destruction that is already taking place, as European refiners currently struggle for alternative supplies.

The latest oil report of the International Energy Agency (IEA for its acronym in English) warns that the increase in the prices of raw materials and the international sanctions imposed on Russia will depress world economic growth “considerably”.

Russia is the world’s largest oil exporter, shipping 8 million barrels a day of crude and refined oil products to customers around the world.

Only Saudi Arabia and the United Arab Emirates have the ability to make up for Russia’s shortfall.

On the other hand, the prospect of large-scale disruptions to Russia’s oil production threatens to destabilize global oil supply, the agency explains:

“We estimate that as of April, 3 million barrels a day of Russia’s oil production could be shut down as sanctions are imposed and buyers shy away from exports.”


OPEC+, for now, is sticking to its agreement to increase supply by modest monthly amounts. Only Saudi Arabia and the United Arab Emirates joined they have substantial capacity that could immediately help offset Russia’s shortfall.

In this scenario, the promotion of renewable energies becomes increasingly necessary.

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