How hard would a ban on the purchase of its oil hit the Russian economy?
According to the latest UN Comtrade data:
- the combined effect of a US-EU import stop would remove over 48% of Russia’s trade value – worth $35 billion in 2020 – from oil exports.
The United States confirmed yesterday that there was “very active discussion” taking place with its European partners and allies about a potential import ban on Russian oil which was enough to spike the Brent barrel price to heights not seen since 2008 – peaking at $139 before settling around the $130 mark.
U.S. Secretary of State Blinken assured CNN reporters that any ban would be implemented “while making sure that there is still an appropriate supply of oil in world markets”. This, however, would potentially involve:
- reviving the 2015 nuclear deal with Iran and subsequently lifting sanctions on its oil exports…
- increasing of Saudi Arabian production or
- lifting of sanctions against Venezuela (an ally of Russia)…
The above version of the original post by Martin Armstrong (Statista.com) was edited [ ] and abridged (…) to provide you with a faster and easier read. Also note that this complete paragraph must be included in any re-posting to avoid copyright infringement.
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