Washington’s embargo on Russian oil has severe repercussions on Europeans and will raise prices

The United States of America has banned Russian oil and gas imports with the aim of putting economic pressure on Moscow to stop its special military operation in Donbass, ignoring the serious consequences that this decision will have on global markets.

According to a report by Oxford Institute for Studies, the American decision confirms Washington’s selfishness and its economic disavowal from its Western allies, especially that its imports of Russian oil do not exceed 10 percent, while the oil imports of European countries reach the equivalent of a third of their needs, with a value of about 350 million Euros per day. This warns of the rise in prices in European markets as a result of that arbitrary decision by the rulers of the White House.

Democratic Senator Chris Coons, for his part, considered that Europe will witness a significant rise in prices due to the inability to raise production suddenly. He pointed out that Washington’s support for Ukraine will cost it exorbitant prices, while the British Independent newspaper warned that Russia’s European opponents will suffer from a sharp rise in food and fuel prices as a result of this. Therefore, the reality of the situation always indicates that the poorest people will be the most affected by such sanctions.

Analysts at Rystad Energy suggested that global oil prices would rise as a result of the US embargo decision to about $200 a barrel in Europe and the United States.

Russia ranks second in crude oil production in the world, accounting for 14 percent of the total production during the past year, according to statistics from the Oxford Institute for Energy Studies.

Inas Abdulkareem