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Brussels commissioners (unelected) concede that its oil embargo on Russia will cost the taxpayers of the Bloc €400 billion. Not factored in the eye-watering loss is the extra cost to taxpayers as India refines Russian oil and then sells it on the Bloc. Mainstream media, heavily dependent on government advertising is keeping the dire news under wraps.
Christmas has arrived in June: Two-thirds of the world – only the US out of the 10 most populous nations supports sanctions – shake their heads in disbelief at their windfall. Of course, this is the cost the European West will pay for the loss of oil: other fossil fuels and the massive wheat harvests of Russia are another bankrupting loss.
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Deputy Russian prime minister blames poor U.S. and European energy security planning for rocketing fuel prices. Russia has warned Europe that it will pay a high price for the oil embargo announced in its latest sanctions against the country and vowed to speed up talks on increasing gas sales to China.
Russian Deputy Prime Minister Alexander Novak told the St. Petersburg Economic Forum that Europe would pay an additional $400 billion for higher energy prices and could face a shortage of oil products.
Russia is heavily dependent on its billions of dollars in energy exports for its financial stability, however, more than half of the EU’s imported gas comes from Russia, leaving the bloc exposed to any supply disruptions.
EU leaders have agreed to a 90 per cent reduction in Russian oil imports by the end of the year, as well as other sanctions, including the removal of Russia’s largest bank, Sberbank, from SWIFT ‘to punish Moscow for invading Ukraine.’
Interestingly, The US and its Allies have never used sanctions as retaliation for multiple invasions and plundering of Third World countries
A spokesman for the European Commission said that EU sanctions on imports of crude oil from Russia at sea would be imposed with a transition period of six months for crude oil and eight months for refined products.
Novak predicted that the plan to reduce oil imports from Russia is likely to lead to a shortage of oil products on the European market. He also blamed ‘poor energy security planning’ in the United States and Europe for record fuel prices and rising inflation.
Russia claimed that it can redirect its energy exports from Europe to countries such as India and China, to cover the losses caused by the sanctions imposed by the European market. However, Novak says Russia’s energy infrastructure, the largest of which is aimed at supplying its western neighbours, will need to be developed to ensure that supply routes and pipelines reach new markets. However, China and India are already profiting from massive imports of Russia’s fossil fuels.
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Categories: Current Events