• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Wind droughts
  • 7 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 8 mins "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 44 mins "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 3 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 21 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 12 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 6 days The Federal Reserve and Money...Aspects which are not widely known
  • 4 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 10 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 6 days "Dodgy Demand Data? The Oil Price Collapse Conspiracy" by Alex Kimani
  • 13 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 14 days Goldman Betting on Cryptocurrencies
  • 17 days Сryptocurrency predictions
Rare Earth Supply Chains Are In Chaos

Rare Earth Supply Chains Are In Chaos

Countries across the globe are…

EU Oil And Gas Embargo On Russia Could Hit UK Hard

If the European Union decides to impose a full oil and gas embargo on Russia, the shock waves of the move would end up costing the UK economy more than $90 billion, the country’s chancellor said.

The warning comes in response to a call by Prime Minister Boris Johnson on the UK’s allies to follow its example and ban all imports of Russian fossil fuels. The UK said earlier this month that it would phase out imports of Russian oil, which account for about 8 percent of its total imports, by the end of this year.

In search of alternative supplies, Johnson this week visited Saudi Arabia and the United Arab Emirates, but, according to a Wall Street Journal report, the visit was not exactly productive, with Saudi officials saying the UK’s Prime Minister left Riyadh empty-handed.

The U.S. has also banned Russian oil and gas and is currently looking for alternatives, even reaching out to Venezuela and promising sanction relief in exchange for oil deliveries.

The EU, meanwhile, has taken a more guarded stance on oil and gas sanctions because of its excessive reliance on Russian fossil fuels. Russia supplies about 40 percent of the EU’s imported gas and a quarter of its crude oil.

If however, Brussels for some reason decides to harden its stance despite the huge recession risk, the UK economy, which is not even in the EU anymore, will suffer a hit of between $92 and $98.7 billion (70-75 billion pounds), Chancellor Rishi Sunak told other ministers. The amount is equal to 3 percent of the UK’s GDP.

According to the European Central Bank, a drop of 10 percent in gas supplies to Europe would translate into a 0.7-percent GDP drop. So instead of banning Russian oil and gas imports, the EU will now try to reduce its imports of Russian gas specifically by two-thirds within a year.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News