The embargo on oil products will have a deadly effect on Russia/Getty images
It is impossible to predict the decision of the European Commission, but, in my opinion, there will be an oil embargo. Of course, Ukraine wants this to be a one-time decision without delay. But you need to understand that many EU countries are so dependent on Russian energy carriers that it is very difficult for them to break this dependence. Therefore, there will be no embargo, but with a graceful transitional period.
Vasily Furman, an economist and member of the Council of the National Bank of Ukraine, shared this with Channel 24. He also noted that he really believes in the oil embargo for Russia in the 6th package of EU sanctions.
We will notice how Europe will conduct this withdrawal process, the economist is sure. Some countries have already gone through this process, yes, these are less dependent countries – Great Britain or France, so it is easier for them to take such a step than in Hungary or Germany.
Oil embargo , in my opinion, this is a nuclear bomb for the Russian economy. After all, 45% of budget revenues come from the sale of oil, the expert notes.
“The most important thing now is the presence of a political decision and the will of European politicians. As far as I understand, for Hungary and Slovakia this process will be special and long – until 2023. But at the same time, I hope that Orban will make the right political decision and not will be blocked.” the adoption of the 6th package of sanctions, says Vasily Furman.
Oil profits finance the war in Ukraine
The funds received by Russia from the sale of energy carriers are a fairly large resource for financing the war. After 70 days of war, Russia still receives funds from the European Union for consumed products, so sanctions are needed: both secondary and primary.
Why are secondary sanctions needed? For so that there is no desire to cheat and find a loophole for sale.
At the initiative of Ukraine, it was possible to create a large international group, which includes 50 experts from different countries. They are just watching closely so that there are no various options for circumventing sanctions by Russia, and this is a very important process, economist Vasily Furman convinces.
What other sanctions against Russia can be introduced
It is necessary to exclude absolutely the entire Russian banking system from SWIFT, not only individual banks, but also to solve this issue comprehensively. It is also very, very important to control the implementation of sanctions, and, perhaps, it is necessary to introduce secondary sanctions immediately, – the expert insists.
This is where the support of our Western partners, who constantly communicate with China and India, is important,” notes a member of the board of the National Bank of Ukraine.
This brings results – large state-owned companies in China do not buy Russian oil. If there are secondary sanctions, then any company with a name will respect them, Furman is convinced.
