Oil rigs in operation. Archival photoMOSCOW, May 11.Moscow could benefit from an embargo on Russian oil by the European Union, says Herald Hosp, an economic observer for the Swiss newspaper Neue Zürcher Zeitung.
" An already tight oil market will lead to higher energy prices, Moscow could end up earning even more than without the embargo. The higher price in this case compensates for the lower volume", Hosp said.
The specialist emphasized that the planned gradual introduction of the embargo would only increase the benefits for Moscow. With such a development of events, market prices will rise immediately after the embargo is introduced, but Russian oil will still be supplied to the EU at new prices for some time, Hosp explained. In addition, the expert added that China and India will also benefit from the oil embargo, which will be able to get oil from Russia at cheaper prices.Media: Hungary may offer assistance in exchange for the approval of the embargo on oilEarlier, the head of the European Commission, Ursula von der Leyen, said that the sixth package of sanctions involves a phase-out of Russian oil imports. At the same time, some countries demanded exceptions for themselves. So, Hungary and Slovakia will be granted a deferment until the end of 2023 to refuse oil imports, the Czech Republic and Bulgaria also apply for benefits. Approval of sanctions requires a unanimous vote of all members of the union. After the start of a special military operation to denazify and demilitarize Ukraine, Western countries stepped up sanctions pressure on Moscow. In Europe, calls to reduce dependence on Russian energy resources began to sound louder, many brands announced their withdrawal from the country. The European Union, the United States, Canada and other countries have closed the skies for Russian aircraft. The Kremlin called these measures an economic war, the likes of which have never been seen before. As President Vladimir Putin noted, sanctions have dealt a serious blow to the entire global economy, and the main goal of the West is to worsen the lives of millions of people. According to him, the current events draw a line under the global dominance of Western countries in both politics and economics. failure of Western sanctions against Russia