Europe

Russia, India and China will benefit from EU oil embargo: Report

https://sputniknews.com/20220511/russia-india-china-would-benefit-from-eu-oil-embargo-report-1095439511.html

Russia, India and China will benefit from EU oil embargo: Report

Russia, India and China will benefit from EU oil embargo: Report

Last week, European Commission President Ursula von der Leyen proposed an EU-wide ban on Russian oil imports as part of a new sixth package of sanctions … 11.05.2022, Sputnik International

2022-05-11T16: 54 + 0000

2022-05-11T16: 54 + 0000

2022-05-11T16: 54 + 0000

Oil embargo

embargo

oil

Russia

European Union

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Russia will benefit economically from the EU’s oil embargo, at least in the short term, and the proposed ban will not be able to stop Russia’s energy sales to other markets in its current form, Neue Zurcher Zeitung said. The analysis concluded. Implications, paper is already tight in the oil market, Russia’s supply loss spends soaring global oil prices, allowing Moscow to increase the profits of the remaining oil it sells to non-European markets, [export] In addition, as Brussels suggested, a gradual implementation of the oil ban would allow Russia to make significant profits on more expensive crude oil for Europe, but the EU would be higher as imports were curtailed. Sticking to paying the price. According to the outlet, China and India will also benefit, Neue Zurcher Zeitung points out, and Asian economies can take advantage of Russia’s oil supply discounts, as they have already done in the last two months. Gasoline, diesel and kerosene can also contribute to inflation and contribute to the recession. ” On Monday, Russia’s Deputy Prime Minister Alexander Novak announced that Russian oil companies are already in the process of creating a new supply chain and finding new markets. d Exports in the Asia Pacific market are increasing. Russia’s soaring oil and gas prices have led Russia to record a recent record surplus, with central banks reporting $ 58.2 billion in exports in the first quarter of 2022. More than double the number posted in the first quarter of 2021. “The EU recognizes that there is a hole in the possibility of an embargo,” said Neue Zurcher Zeitung. “Therefore, in the draft plan, the EU Commission proposed that European companies ban Russia’s global trade in oil with third countries, including financing, shipping, in the context of oil trading. Insurance services are included. Tons of tankers have led to the removal of the idea of ​​transport restrictions. Reportedly, a draft ban on oil services is still under consideration, EU diplomats said. , London’s Lloyd is said to be working on the UK in hopes of signing oppression of Russian exporters., Iran’s long-standing resistance to US sanctions on crude oil exports from barter trade. , Pointing out crude oil transport to disguise its origin, fake registration, switch-off of tanker satellite tracking equipment, etc. Energy, rather than bans, could serve as an alternative, affecting delivery volumes. Designed to reduce the interests of the Russian state without giving. Another option is to reduce demand or increase supply in some way, but such measures are not as easy as it sounds. It exceeds the EU’s ability to produce little black gold to consume.

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https://sputniknews.com/20220507/like-an-atomic-bomb-dropped-on-the-hungarian-economy-eu-rewrites-proposed-russian-oil-ban–1095324854.html

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Oil embargo, embargo, oil, Russia, European Union

Last week, European Commission President Ursula von der Leyen proposed a EU-wide ban on Russia’s oil imports as part of a new sixth sanction against Moscow against military operations in Ukraine. Hungarian Prime Minister Viktor Orban blamed this idea, saying it was “equivalent to dropping a nuclear bomb on the Hungarian economy.”

Russia will benefit economically from the EU’s oil embargo, at least in the short term, and the proposed ban will sell Russia’s energy to other markets in its current form, Neue Zürcher Zeitung. I can’t stop it. analysis I concluded.

Studying the proposal and its economic implications, the newspaper said that in the already tight oil market, the loss of Russia’s supply would spend the world’s oil prices soaring and increase the profits of the remaining oil that Moscow sells to non-European markets. Pointed out that it makes it possible.Higher prices are lower compensation [export] volume. “

In addition to that, the gradual implementation of oil bans, As suggested by BrusselsRussia will be able to make a decent profit on more expensive crude oil for Europe, while the EU is sticking to paying higher prices as it cuts imports, the outlet said.

Neue Zürcher Zeitung said China and India will also benefit, and Asian economies will be able to take advantage of Russia’s oil supply discounts, as they have already done in the last two months.

Meanwhile, in Europe, “higher prices for gasoline, diesel and kerosene can also contribute to inflation and contribute to the recession,” the outlet wrote.

“Emergency Financing and Distribution”: Germany “Crisis Plans for the Sudden Termination of Russia’s Gas Supply”

The dissertation is worth asking the central question: what outcomes Brussels wants to achieve through the embargo, and whether there is another way to achieve that goal other than the fundamental measures. Suggested that there is.

Russian Deputy Prime Minister Alexander Novak on Monday publication Russian oil companies are already in the process of building new supply chains and finding new markets, with increasing exports in the Asia Pacific market.
Employees of the oil company Rosneft have begun drilling the northernmost tip of a well in a shelf in the Arctic Circle of Russia Central Orginskaya-1-Sputnik International, 1920, 09.05.2022

Russian oil companies find new buyers and increase exports to Asia Pacific
Soaring oil and gas prices in Russia have allowed Russia to record the highest current account surplus in recent history, with central banks $ 58.2 billion In the first quarter of 2022, more than double the number in the first quarter of 2021.

“The EU recognizes that there is a hole in the possibility of an embargo,” said Neue Zürcher Zeitung. “Therefore, in the draft plan, the EU Commission proposed that European companies ban Russia’s global trade in oil with third countries, including financing, transportation and insurance related to oil trading. Services are included. “

However, the latter proposal is clearly shelved and has sources of information. Tell the Financial Times On Monday, intense lobbying by Malta and Greece accounted for more than half the tonnage of tankers with the EU flag, and the idea of ​​shipping restrictions was withdrawn. Proposals to ban insurance services are reportedly still under consideration, and EU diplomats are lobbying the UK in hopes of signing that the Lloyd’s of London will squeeze Russian exporters. It is said that they are engaged in activities.
Saudi Aramco engineers and journalists are working on a Hawiya natural gas liquid recovery plant in eastern Hawiya designed to process 4 billion standard cubic feet of sweet gas per day, a low-hydrogen sulfide natural gas. I am paying attention. Saudi Arabia Province, June 28, 2021. -Sputnik International, 1920, 07.05.2022

OPEC does not boost oil production to help the West contain rising energy prices-report

Neue Zürcher Zeitung said that there is also a way to circumvent secondary restrictions, Iran’s long-standing resistance to US sanctions on oil exports through barter transactions, crude oil transshipment to disguise its origin, and fake registries. Pointed out the switch-off of tanker satellites, tracking devices, etc.

The newspaper suggested that taxation of Russia’s energy, rather than an embargo, could serve as an alternative designed to reduce the interests of the Russian state without affecting delivery volumes. Another option is to reduce demand or increase supply in some way. However, such measures are not as easy as it sounds and exceed the EU’s ability to produce very little black gold to consume.

Hungarian Prime Minister Victor Oban will speak with journalists on Thursday, October 21, 2021 when he arrives at the EU Summit in Brussels. -Sputnik International, 1920, 07.05.2022

“Like an atomic bomb dropped on the Hungarian economy”: The EU reportedly rewrites the proposed Russian oil ban

https://sputniknews.com/20220511/russia-india-china-would-benefit-from-eu-oil-embargo-report-1095439511.html Russia, India and China will benefit from EU oil embargo: Report

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