The oil embargo against Russia is not an economic issue.
The introduction of an oil embargo on Russia, which reached Europe only under the sixth package of sanctions, and even then with restrictions, will actually reduce the income of EU member states by less than half a percent. This was stated by the Minister of Energy of Ukraine Herman Galushchenko.
Referring to the forecasts of the participants in the conference on EU sanctions on April 4, he noted that the impact of the oil embargo on the economies of the 27 EU member states will be fully controlled and will be equal to a 0.2% reduction in revenues. 0.3% or about 100 euros per adult European.
The Minister of Energy agreed. that the introduction of an oil embargo will increase fuel prices. But he stressed that the embargo against Russia is not an economic issue.
“No one likes to pay more and consume less. But we are not talking about gasoline, and not even about the economy as such. We are talking about thousands of lives that can be saved if Putin's military machine loses its “fuel”, – he stressed.
Galushchenko reminded that in 2021 The European Union has paid Russia about 88 billion euros for energy. In particular, almost 70 billion – for oil and petroleum products. Russia's military budget in the same year amounted to 62.5 billion euros.
“The Kremlin can fully fund its military-industrial complex to sell energy to Europe – and still have a couple of tens of billions on additional weapons. Today, this money, embodied in planes, missiles and tanks, is killing Ukrainians and destroying our country, “said the Minister of Energy of Ukraine.
Recall, the EU will Hungary and Slovakia will postpone the embargo on Russian oil until the end of 2023 . It is unknown at this time whether the exemption will also apply to petroleum products. Brussels has offered Hungary and Slovakia a longer period to impose an embargo to prevent them from vetoing the relevant EU decision.
In addition, Japan cannot stop oil imports from Russia and join EU plans to impose an embargo on Russian oil.
The sixth package of EU sanctions against Russia includes an oil embargo with a gradual introduction by the end of the year.
