EU leaders’ plans to impose a bloc-wide embargo on Russian oil carry political heft. But some analysts believe it will not deliver the intended blow to Russia’s economy.
Brussels proposed a measure on Wednesday that would ban all imports of Russian oil by the end of the year. The plan, which still needs to win the backing of all 27 member states, is part of the sixth package of EU sanctions intended to undermine the Kremlin’s ability to wage war on Ukraine by hitting the Russian economy.
But Sergey Aleksashenko, the former deputy governor of Russia’s central bank, believes the ban is “not very powerful” as a measure, as prices for crude have risen substantially, counteracting the costs of losing the European market.
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