EU embargo on oil to strongly affect Russian budget this year

As part of the EU sanctions, an embargo on the import of Russian crude oil by sea to EU countries came into effect on December 5 last year. Along with the embargo on the import of oil products, these are the delayed mechanisms of the sanction package that the EU adopted in early June last year, which – as experts emphasize – will be the most severe for Russia. 

"Russia is of course trying to find a substitute for the European market and declares its willingness to seek alternatives, both in terms of oil and gas exports, but the question remains open as to how feasible these plans will be in the horizon of this year and the following years. In the case of crude oil, the situation is a bit simpler, because it is easier to redirect it to such hungry markets as China or India," Dr. Szymon Kardaś from the European Council on Foreign Relations, said.

(Newseria)