A right away embargo would let Russia promote its oil elsewhere and get more cash, Ursula Von der Leyen says
Europe can not place a right away embargo on Russian oil, European Fee President Ursula Von der Leyen has stated, as it could enable Moscow to promote its gasoline elsewhere and presumably earn more cash to fund its army offensive in Ukraine.
“If we’d utterly, instantly, as of in the present day minimize off the [Russian] oil, [Russian President Vladimir] Putin may be capable of take the oil that he doesn’t promote to the EU to the world market, the place the costs will improve, and promote it for extra – and that may fill his struggle chests,” the EU chief stated in an interview with MSNBC earlier this week.
The EU, together with the US and several other different Western nations, have positioned unprecedented sanctions on Russia over the previous three months in response to its army operation in Ukraine, which the West views as an act of unprovoked aggression.
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The EU has launched 5 packages of sanctions to date, and is engaged on a sixth one which is to incorporate the small print of a ban on Russian gasoline, notably oil. In line with Von der Leyen, “sanctions are hitting the Russian financial system onerous,” however a whole embargo would trigger extreme harm to the European financial system.
“Now we have to search out the appropriate stability between not hurting our financial system an excessive amount of as a result of that is the strongest leverage we’ve in opposition to this Russian aggression, Putin’s aggression… So we’ve to be very strategic in the best way we strategy that subject and due to this fact it’s also so necessary that we convene the remainder of the world to actually ensure that we deplete his struggle chests,” she stated.
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Nonetheless, Von der Leyen insisted that overcoming dependence on Russian oil and gasoline is likely one of the EU’s main targets in the long term, particularly contemplating Europe’s inexperienced transition targets. Earlier this month, Brussels launched a brand new package deal of measures that mixes these two goals, dubbed REPowerEU. It envisages diversifying from Russian pure gasoline to different suppliers, as an illustration, shopping for liquefied pure gasoline (LNG) from the US, whereas selling vitality saving and funding in renewables resembling wind, photo voltaic, hydropower and hydrogen.
“Over time what we do is do away with the general dependency of the Russian fossil fuels, all three of them, and by no means to return once more… If there’s something Putin has achieved it’s that he misplaced his greatest consumer and Europe won’t ever come again, and he pushed us – and that’s good – into the route of renewable vitality,” von der Leyen said.
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