The EU wants to stop buying crude from Moscow within six months. The EU may yearn to go faster, but doing so carries an ever-increasing bill, writes LJucca:
The European Commission is planning to introduce an embargo on Russian crude within six months and to stop buying all oil derivatives by year end, President Ursula von der Leyen said on May 4.
The European Union imports between 3 million barrels and 3.7 million barrels of Russian crude per day, according to Rystad Energy. This is about half Russia’s total crude exports of around 6.2 million barrels per day, the energy consultancy says.A pump jack of Wintershall DEA is pictured in Emlichheim near the northern German city of Meppen, Germany, March 9, 2022.
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