How much will it cost Europe to give up Russian oil?
Friday, May 6, 2022

How much will it cost Europe to give up Russian oil?

 For the European Union, abandoning Russian hydrocarbons is a matter of political will, not survival. The embargo on Russian oil will cost about  100 for each adult European, as stated on  nv.ua by Energy Minister Herman Galushchenko. He notes that in 2021 the EU paid Russia about 88B for energy, including almost 70 B for oil and petroleum products. Russia’s military budget in the same year amounted to 62.5B. The Kremlin can fully fund its military-industrial complex by selling energy to Europe. Today, this money is embodied in planes, missiles, tanks, and the killing of Ukrainians,” Galushchenko wrote. According to the participants of the conference in the European Parliament on EU sanctions, the impact on the economy of the 27 EU member states will be equal to a 0.2-0.3% reduction in income, or about 100 per adult European.

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