The more the West embargoes on Russian oil, the more Moscow will benefit?

Russia benefits from EU oil embargo

The proposed ban on Russian crude oil imports by the European Union (EU) is expected to oil price increase further boost Moscow’s oil revenues, says Norbert Rucker, head of economics and next-generation research at Swiss asset manager Julius Baer.

The impact of Russia’s oil ban is debatable and the EU may have better alternatives in its efforts to punish Russia, such as imposing punitive tariffs, analyst Norbert Rucker told the firm. Swiss news 20 Minuten.

Earlier this week, the European Union announced plans to ban Russian oil imports in all 27 member states. The measure is part of a Western campaign of sanctions against Russia following Russia’s military campaign in Ukraine.

“The big question now is whether the West is putting pressure on China and India, then the embargo will have a much bigger impact,” Rucker said. could make it difficult for Russia to find customers to buy crude oil around the world.

According to the Swiss expert, the ban is expected to increase world crude oil prices, with crude oil prices skyrocketing to $120 a barrel at one point in March, helping Russia increase oil revenues.

“The embargo only affects Switzerland indirectly,” Rucker said. Switzerland, which imports most of its oil from European refineries, favors switching to alternatives, he pointed out. “However, the additional oil price increase due to the embargo will also be evident in Switzerland,” he added.

G7 pledges to ban or gradually get rid of Russian energy

The phasing out or banning of the import of Russian oil is a content that leaders from the Group of leading industrial countries in the world (G7) committed at a meeting on May 8.

During the meeting, there were Ukrainian President Volodymyr Zelensky In attendance, G7 leaders pledged to phase out or ban Russian oil imports to highlight the support and solidarity of Western allies with Ukraine.

Cutting off Russia’s oil supply “will severely affect the main lifeline of the economy” Russia and leave it without a budget for the war, the G7 countries – France, Germany, Italy, Great Britain, Canada and the United Kingdom. USA – stated in the statement.

“We will ensure that we do so in a timely and orderly manner, and in ways that give the world time to secure alternative supplies,” the G7 leaders said in their pledge. disconnect from Russian energy.

Commit made a day ago Victory Day In Europe, Nazi Germany surrendered in 1945.

“We remember those who fought for freedom in the Second World War, to continue to fight today, for the people of Ukraine, Europe and the global community,” the G7 statement said. .

US announces more sanctions against Russia

The US also announced new sanctions against Russia on May 8, Euronews reported.

New sanctions against Russia over the Ukraine war include cutting Western advertising from Russia’s three biggest TV stations, and banning American accounting and consulting firms from providing services to any Russians. , and placed additional restrictions on Russia’s industrial sector, including excluding Moscow from wood products, industrial engines, boilers, bulldozers, and more.

According to AFP, the Russian media entities sanctioned include oint Stock Company Channel One Russia, Television Station Russia-1, and Joint Stock Company NTV Broadcasting Company.

The White House announced the new sanctions ahead of Victory Day on May 9, as Russia celebrated the defeat of Nazi Germany in 1945 with a massive military parade. President Vladimir Putin is scheduled to speak before the Russian military in Red Square on May 9.

On the same day, British officials said that the country would provide an additional $ 1.60 billion in military assistance to Ukraine. Ukraine Aid comes from British government reserves, including $375 million in military equipment that Prime Minister Boris Johnson pledged earlier this week. The British military support package for Ukraine is expected to include artillery targeting radar, GPS jammers and night vision equipment.

Western leaders keep coming to Ukraine

Canadian Prime Minister Justin Trudeau made a surprise visit to Ukraine on May 8, visiting the town of Irpin in the north of the country. Mayor Irpin posted a picture of Trudeau on social media, saying the Canadian leader was shocked by the damage to civilians’ homes.

Trudeau’s office later confirmed: “The prime minister is in Ukraine to meet with President Zelensky and reaffirm Canada’s unwavering support for the Ukrainian people.”

Same day, US First Lady Jill Biden visits Ukraine, held a surprise meeting on Mother’s Day in western Ukraine with First Lady of Ukraine Olena Zelenska. Jill Biden became the latest high-profile American to visit Ukraine during the 10-week war with Russia.

Speaker of the lower house of parliament Bärbel Bas, the second highest-ranking German official after the president, met with Ukrainian President Zelensky on May 8 in Kiev and attended a memorial event on the occasion of the anniversary of the end of World War II. . President Zelensky also posted on Telegram channel information about the visit of the Speaker of the German Bundestag.

The Croatian Prime Minister was also present in Ukraine on May 8. The Croatian government said Prime Minister Andrej Plenkovic’s visit showed solidarity and support for the Ukrainian leadership and people.