The European Union disagrees on the issue of the Russian oil embargo, while Moscow warns that, if this move happens, the world oil price could rise to nearly five times the current level.
On March 21, the ministers of the European Union (EU) countries could not find a common voice on whether to issue an embargo on Russian oil.
Since Russia launched its military operation in Ukraine on February 24, Europe has issued unprecedented sanctions against Moscow, including freezing central bank assets. The EU is continuing to discuss the fifth package of sanctions to increase pressure on Moscow.
However, unlike the US and UK, which have banned Russian oil, the EU is still deeply divided on this issue, as it has depended on supplies from Moscow for decades.
Some countries want the EU to take even tougher measures against Russia. "Why is Europe giving Russia more time to monetize oil and gas? More time to use Europe's ports? More time to use Russian banks sanctioned in Europe? Already It's time to cut ties with Russia," said Lithuanian Foreign Minister Gabrielius Landsbergis.
However, Germany and the Netherlands say that the EU is too dependent on Russian energy and that cutting it off is not possible now.
"The question of the oil embargo is not whether we want it or not, but how dependent we are on supplies from Russia," German Foreign Minister Annalena Baerbock told journalists.
"Germany is importing a lot (Russian oil), and there are other member states that just can't stop importing oil from day to day," Ms. Baerbock said.
An EU diplomat told Reuters the bloc was hoping it could find an alternative to Russian energy by June and then Europe could seriously consider banning Russian oil. However, there is no official information on the specific date and month that the EU can implement these measures.
The EU disagreement comes as US President Joe Biden will travel to Belgium in the middle of this week for NATO, EU and G7 summits to discuss how to increase pressure on Russia.
According to experts, energy is one of the most complicated sectors to punish because each EU country has a different "red line". While the Baltic states wanted to ban Russian oil, Germany and Italy were unable to do so immediately due to concerns that oil prices would continue to rise. Sanctions on Russian coal are a "red line" for Germany, Poland and Denmark.
Meanwhile, Russian Deputy Prime Minister Alexander Novak yesterday warned that if the West bans Russian oil, oil prices will skyrocket to 300 USD/barrel, even 500 USD/barrel. Oil prices yesterday rose to $112 per barrel of Brent oil after news that the EU was considering an embargo on Russian oil.
Novak also said that if the West stops buying Russian oil, Moscow will look for new customers in other parts of the world. Russia is still a leading supplier of oil and gas in the world at present and it is difficult to find an alternative source of Russian oil and gas in the short term.
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