Russia sanctions: Who is boycotting what?
May 10, 2022 - A full embargo of Russian oil and gas could stop the war in Ukraine, according to a former adviser to President Vladimir Putin. Despite a slew of sanctions against Moscow, the EU still imports vast amounts of natural gas from Russia.
Dr Andrei Illarionov, a former chief economic adviser to Putin, suggests that a full embargo of Russian oil and gas could stop the war in Ukraine.
When looking at the broader picture of sanctions against Russia and restrictions on its exports, the European Union has notably not announced constraints on oil and gas imports, according to Russia sanctions tracking website, Castellum.AI.
Despite wishing to reduce its reliance on Russia’s hydrocarbons, Europe is continuing to buy them – paying Putin €1 billion ($1.1bn) every day.
Last year, mounting costs meant oil and gas revenues accounted for 36% of Russian government spending, with much of that income coming from the EU, which imports about 40% of its gas and 27% of its oil from Russia.
Dr Illarionov believes that if Western countries were to implement a “real” embargo on oil and gas exports from Russia, its military operations in Ukraine would probably cease in one or two months.