EU considering Russian oil embargo – report ($500 a barrel possible)

EU considering Russian oil embargo – report

Moscow warns of $500-a-barrel oil

The full ban would be part of an expanded package of sanctions against Moscow

EU ministers are set discuss a ban on Russian oil as part of the fifth package of sanctions, in an effort to force Moscow to abandon its military operation in Ukraine, Reuters reported on Monday.

“It’s unavoidable we start talking about the energy sector, and we can definitely talk about oil because it is the biggest revenue to Russia’s budget,” Reuters quotes Lithuanian Foreign Minister Gabrielius Landsbergis as having said. The new sanctions will also reportedly add more names of Russian individuals to EU blacklists.

Moscow warns of $500-a-barrel oil
Published: 21 Mar 2022 | 12:55 GMT

Warning comes as EU prepares to consider placing embargo on Russian crude

Oil prices will jump to $300 a barrel if the West abandons Russian oil, the country’s Deputy Prime Minister and former energy minister Alexander Novak said on Monday, adding that “some see it possibly reaching $500 a barrel.”

The warning comes as the EU plans to discuss placing an embargo on Russian crude as part of its fifth set of sanctions aimed at putting more pressure on Moscow to stop its military operation in Ukraine.

Novak added that if Western consumers stop buying Russian crude, the country will diversify its supplies and will find buyers elsewhere.

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