THE CHEKING PROCESS – While some voices plead for an embargo targeting Russian oil and petroleum products, others point out that replacing Russian crude is not easy.
THE QUESTION. Whether or not to impose an embargo on Russian oil is one of the major topics examined this week by the European Union, NATO and the G7. In various meetings, joined by US President Joe Biden on Thursday, governments are discussing new sanctions they could impose on Russia as it invades Ukraine.
Read alsoWar in Ukraine: Can Russia’s economy withstand sanctions?
“We are working on a fifth cycle”, said a European diplomat on Sunday. The four rounds of sanctions already imposed by the EU, notably against Russian finance and trade, have not prompted the Kremlin to lay down its arms. And the EU faces a stark choice. Ukrainian President Volodymyr Zelensky called on her, especially Germany, to stop all “commercewith Russia, including energy resources. The Kremlin retorted on Monday by pointing “the harmful influence on the energy market in Europe of such an embargo”, emphasizing that he would hit “everybody», and that, unlike…
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