EU Deploys Bold Plan To Stop Putin In His Tracks
(RepublicanNews.org) – Russia’s invasion of Ukraine is now officially entering its fourth month. With no sign of Putin calling off his forces, the European Union (EU) aims to take actions that might slow down the Russian war machine from the outside. As part of that effort, the EU recently decided to enact a full ban on Russian oil by the end of this year. However, there are serious concerns about whether the plan will actually work.
High prices, Asian markets could blunt EU ban on Russian oil https://t.co/NakquGa9uZ
— FOX 8 New Orleans (@FOX8NOLA) June 1, 2022
The EU is one of the largest purchasers of Russian oil and energy products globally, but it now seems more than willing to slash its purchases by up to 90%. It’s impossible to deny the impact of such a drastic loss on Russia. But will it be enough to end the ongoing conflict in Eastern Europe?
Russia has already asserted that it will sell its oil to other countries instead. Several regions in Asia have come forward to take advantage of the situation, mostly because the major producer will likely need to sell available oil at far lower prices.
Experts say that reduction in costs won’t impact Russia much; high prices are already well above what they were last year. While the Kremlin may experience some loss, it could potentially continue to sell crude for at least the same amount as it did in 2021.
According to AP News, Ukrainian Foreign Minister Dmytro Kuleba confirmed that the EU’s decision would slow down Russia’s economy and the war effort. However, President Volodymyr Zelenskyy fears it won’t be enough. He wants the entire free world to cut ties with the Russian government and economy.
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