High Prices and New Trade Keep Russian Fuel Revenues Afloat
India and the Middle East have become a significant outlet for Russia crude oil sales, as well as a loophole for the US and European countries to continue importing Russian oil.
India and the Middle East have become a significant outlet for Russia crude oil sales, as well as a loophole for the US and European countries to continue importing Russian oil.
Moscow has threatened to take retaliatory action against Lithuania over its so-called blockade of goods headed to the Russian exclave of Kaliningrad.
Without this multi-billion euro shot in the arm, the firm may be unable to provide the volume of gas that Germany and the EU require.
Hungary’s staunch opposition to a blanket ban on Russian oil provided cover for other countries also hesitant to unplug from Russia oil.
The discussion between Ursula von der Leyen and Viktor Orbán on May 9th lasted throughout the afternoon and continued into the evening.
China has refused to condemn the Russian war in Ukraine, but some Chinese tech companies have still opted to withdraw their products from the Russian market. The reason for these withdrawals could be pressure by U.S. suppliers.
Only now, as it becomes clear that Russia is not buckling under the previous sanctions, have countries begun to put the most serious sanctions on the table: those that touch on Russia’s energy empire.
Experts warn that cutting off Russian oil imports will increase the price of gasoline for European consumers. They also caution that delayed onset of the sanctions will only give Russia time to sell its oil elsewhere before losing European business, weakening the effects of the sanctions.
On April 7th, the EU Parliament voted to place an embargo on Russian oil, gas, and nuclear fuel, which was closely followed by a EU Commission ban on its coal exports. Meanwhile, the UN General Assembly suspended the country from its Human Rights Council.
Just last week Switzerland insisted on its role as a neutral country regarding sanctions against Russia. But following international and national pressure, the government stepped in line with the EU on Monday.
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