Sunday, May 28, 2023

The ‘real problem’ threatens further crisis over another major Russian export to Europe

Ukraine: retaliatory strike close to ‘cutting off’ Russian supplies

Since the invasion of Ukraine began on 24 February, the bloc has issued sanctions against Russian oligarchs and companies, but refrained from imposing immediate sanctions on oil and energy. Now, a French minister has warned that a ban on diesel will be a “real problem” for Europe.

France’s Energy Transition Minister Barbara Pompilly said on Wednesday that a possible European embargo on Russian oil would pose a “real problem” for diesel, of which Europe is a major consumer.

She said: “We have to deal with this need for diesel in Europe and in France, which is likely to become increasingly important when decisions are made in the coming days or weeks.”

Speaking at the International Energy Agency (IEA) ministerial meeting in Paris, Ms Pompilly noted ahead of Thursday’s EU, NATO and G7 summits: “These three summits will certainly be an opportunity for new discussions on sanctions and therefore oil There will be possible restrictions on imports. ,

“It’s important to be aware that this will create a real problem for diesel and that it will go far beyond the problems with oil.”

EU may face ‘real problem’ against Russian diesel (Image: GETTY)

Barbara pompilly says ban 'a real problem for diesel' 'more than the problems with oil'

Barbara Pompilly says ban ‘a real problem for diesel’ ‘far beyond problems with oil’ (image: express)

Russia, the world’s largest oil exporter, produces about 11 million barrels of crude oil per day, of which only over 5 million are exported.

In December 2021, Russia’s Federal Customs Service said that $26.157 billion (£19,829,054,093.10) of diesel duel was exported from Moscow for a total of $153.993 billion (£116,736,549,552) in 2021.

The EU is Russia’s biggest buyer, with buying energy from Moscow for $108 billion (£81,870,912,000) in 2021.

In France, the share of diesel in road fuel consumption stood at 75.7 percent in February 2022, according to data from oil industry professionals reported by the website

Read more: EU summit live: Johnson walks out into the cold as the bloc opens Biden’s doors

Russia exported diesel worth £116,736,549,552 in 2021 according to its own figures

Russia exported diesel worth £116,736,549,552 in 2021 according to its own figures (Image: Business Economics)

Europa. Eu organized that the eu purchased energy worth £81,870,912,000 from moscow in 2021 organized that the EU purchased energy worth £81,870,912,000 from Moscow in 2021 (Picture: Eurostat)

It comes as talks between EU leaders to stop buying oil and gas from Russia began on Thursday.

Polish Prime Minister Mateusz Morawiecki said the EU needed to “crush” Russia with war sanctions, which he said had turned into a “genocide”.

Latvia’s prime minister, Arters Krijnis Curry, said energy restrictions were a “serious option” that the EU should start with oil and coal.

He said: “Energy restrictions are one way to stop the money flowing into Putin’s coffers immediately.

“Every day that we delay sanctioning Russia’s economy, Russia has the potential to feed its military machine.”

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Germany, which gets 55 percent of its gas imports from Russia, has warned that an immediate ban would cause unemployment and force drivers to stop filling their cars.

Chancellor Olaf Scholz said on Wednesday that “stopping the use of Russian energy from one day to the next would mean plunging our country and the whole of Europe into recession”.

Belgian Prime Minister Alexander de Cru added an oil embargo “will have a devastating effect on the European economy and I do not think it is necessary”.

Luxembourg Prime Minister Xavier Bettel argued that further sanctions should be “a reaction to something”, referring to chemical and biological weapons.

The uk announced in march that it would end russian oil imports by 2023

The UK announced in March that it would end Russian oil imports by 2023 (Image: GETTY)

It comes even as Rishi Sunak warned privately that Britain would face a £70bn hit and recession if Europe imposed sanctions on Russian oil and gas.

According to the Independent, the chancellor told ministers at a cabinet meeting that sanctions from the EU would “immediately” swipe up to £75bn from the UK economy.

The UK announced earlier in March that it would end Russian oil imports by the end of the year, while “exploring options” to end gas imports.

US President Joe Biden announced sanctions on both oil and gas to deal “another powerful blow to Putin’s war machine”.

Additional reporting by Maria Ortega

World Nation News Desk
World Nation News Desk
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