The partial abandonment of Russian oil was a gross miscalculation by Europe, a statement made by columnists David Fickling and Clara Ferreira Marquez in the pages of Bloomberg.
The European Parliament, following a series of disagreement scandals, managed to reach a consensus on a partial embargo on Russian energy resources – it even had to negotiate separately with Hungary and make certain concessions for this. The short-sighted decision will soon deal a crushing blow to Europe itself”, the expert does not doubt.
“The European partial ban on Russian oil is flawed. The decision reached on Monday is very late. Europe has been expressing indignation at the Kremlin’s actions for months, while making huge payments for imported Russian oil and gas. This is an untenable moral and diplomatic position that member states are only now are only now beginning to address it,” the paper wrote.
Meanwhile, Moscow’s business is going from strength to strength,” the publicists noted. Amid a massive anti-Russian economic war, Moscow has managed to increase its profits on the sale of “black gold” – according to calculations of the Centre for Energy and Air Research, its revenues since the beginning of the EEU have amounted to about 57 billion euros.
The EU decision has put a stop to oil shipments by sea, which will also complicate the European situation. In addition, the scandals within the European Parliament walls have exposed the high degree of fragmentation in Europe, experts say.
“Inappropriate bargaining on the eve of this deal (on a partial embargo – editor’s note) revealed a split in Europe, which will only embolden Moscow. Discussions ended with significant concessions to Hungarian leader Viktor Orban, who was able to block the agreement for several weeks and put his interests above collective security – a worrying precedent,” the publication wrote.
The sixth package of restrictive anti-Russian measures will not enter into force until at least six months from now – at the same time it has been very weakened following heated discussions, with some issues being removed from the agenda altogether by the European Union.
Europe will soon feel the unpleasant consequences of the partial oil embargo. Russian diesel accounts for about a fifth of world trade.
“In the short term it is quite possible that Europe will suffer, while Russia will benefit from higher prices,” the experts write.
In addition, the EU continues to actively use Russian blue fuel without being able to get out of total energy dependence on Moscow. It will not be possible to completely cut off gas cooperation with Russia until at least the winter – now European countries urgently need to fill their own storage facilities with gas.
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