Pressure for more sanctions against Moscow continue to build with Russian energy as a key potential target. Here are key facts around Europe’s energy imports from Russia and whether a boycott is possible:
in that it mostly comes by ship. Still, it wouldn’t be easy to replace Russian supply with global markets tight. Taking Russia’s 2 million-plus barrels per day to Europe off the market would push oil prices higher worldwide. And Russia could try to sell the oil to India and China, though it might earn less.Estimates vary, but a cutoff implies a substantial hit to the European economy. A ban might mean governments would have to ration gas among companies to protect homes and hospitals.
“We will likely continue to see resistance from Germany and a select few others as they’re simply far more reliant on Russian imports of oil, gas and coal,” said Craig Erlam, senior markets analyst for the U.K., Europe, Middle East and Africa at currency broker Oanda. “Forecasts for the impact of an embargo vary, but it would almost certainly tip the country into recession.”
“Public fear-mongering about the catastrophic consequences of an energy embargo from lobby groups and affiliated think tanks does not hold up to academic standards,” they said inEconomists Simone Tagliapietra and Guntram Wolff at the Bruegel think tank in Brussels proposed an EU import tariff on Russian oil and gas. That would reduce Russia’s revenue while avoiding a major hit to Europe’s growth, with the legal advantage of leaving contracts intact.
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