HomeMediaLatest NewsAn oil embargo eyeing alternatives

An oil embargo eyeing alternatives

18 May 2022

Gromov Alexey I. Principal Director on Energy Studies, Head of the Energy Department

Alexey Gromov, Principal Director on Energy Studies of the Institute for Energy and Finance, commented to Kommersant FM on the new US initiatives regarding the imposition of restrictions on the supply of Russian oil by the EU countries.

The United States offered the European Union an alternative to the embargo on Russian oil. We are talking about duties on fuel supplies, Reuters found out. According to the agency, Washington will make such a proposal at the end of the week at a meeting of finance ministers of the G7 countries. The other day, the European Union again failed to approve the embargo due to internal disagreements.

Alexey Gromov believes that EU conditions can be even tougher. At the same time, even if the embargo is never approved, the refusal of Russian oil will happen in any case, the expert notes:

“This will lead to the fact that the profitability of the supply of Russian oil cargo to Europe may fall more than the current discount. The process of abandoning Russian oil will not be instantaneous, even in the absence of an oil embargo. We are well aware that the strategic decision to phase out Russian energy resources in the EU countries has been made, and we must prepare to reorient our supplies to the markets of other countries.”


Gromov Alexey I. Principal Director on Energy Studies, Head of the Energy Department
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