Handelsblatt: EU embargo on Russian oil is an experiment with unpredictable risks

Handelsblatt: EU embargo on Russian oil is an experiment with unpredictable risks
# 02 May 2022 07:39 (UTC +04:00)

Europe's course on the embargo of Russian oil is inevitably associated with very high risks, APA reports citing German newspaper Handelsblatt.

According to the author of the article, any final restrictive decision by Brussels, be it a price cap, a phased embargo or punitive duties on energy, is fraught with huge risks. According to the journalist, the embargo course reflects only the uncertainty of the European Union.

“The same applies to oil as to natural gas: it is difficult to threaten a boycott when it is obvious that there are not enough alternatives. Germany suffers especially... The undoubted consequence will be a rise in prices on world oil markets. If things go wrong, [Russian President Vladimir] Putin may even increase his income if he finds other buyers quickly enough,” the article says.

Earlier it was reported that the EU member states could agree on a project to phase out oil from Russia as early as this week.

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THE OPERATION IS BEING PERFORMED