Russia not hurt after EU oil sanctions world market prices rise China-India ready to support

Analysts and consulting firms continue toslotxo168question the impact on the Russian economy. After the European Union (EU) announced a decision to ban up to 90% of Russian oil imports this year as punishment for its invasion of Ukraine.

The 27 EU member states now relied on imports of 25 percent of Russian oil and 40 percent of natural gas, although the decision to cut Russia's dependence on oil was a big move that no one expected. The EU has announced a ban on all imports of Russian oil transported by sea. and a temporary exemption was granted to Hungary. The landlocked country can continue to buy oil transported through Russian oil pipelines.

However, most analysts and consulting firms question the consequences, with consulting firm CEO Chris Weifer. Macro-Advisory thinks that without securing the European market, where Russia holds a large share of oil sales, Russia is also able to sell its oil previously tied to European markets to China, India and other Asian customers, although some price cuts will be required.

Weaver sees Such matters will not bring much financial impact to Russia. Because now the price of oil in the world market is much higher than last year. And although Russia is offering it at a discount. may sell oil at the same price with the one sold last year.

“India is a willing buyer. China is certainly keen to buy more Russian oil. Because both countries will receive a significant discount from the prices sold in the current global market,” said Viefer.

Mr. Simone Tagliapietra Energy Specialist at the Institute of Thinkers in Brussels Belgium Pointed out that the sanctions will have a big impact on Russia. This is in line with the views of Western leaders, including those in Ukraine.

German Chancellor Olaf Scholz said the boycott had one clear purpose. That is to urge Russia to end this war and withdraw its troops. And it also has to agree with Ukraine to make a reasonable and just peace.

Ukrainian Foreign Minister Dmitro Kuleba said the ban on oil imports would accelerate the countdown to the collapse of the Russian economy. including Russian war machines.

However, Matteo Villa, an analyst at the ISPI Institute of Thinkers in Milan, estimates that although Russia has been significantly affected at the moment. But in the end, such effects may resonate.

“The risk is that the EU sanctions on Russian oil will increase global oil prices. when the price is very high Russia will make more money. And Europe will lose the bet," Villa said.