European Union leaders have agreed an embargo on Russian crude oil imports that aims to halt 90% of Russia's crude imports into the 27-nation bloc by year-end. This marks the toughest sanction yet on Russia for its invasion of Ukraine. FRANCE 24 is joined by Dr. Rémi Bourgeot, Economist and Associate Research Fellow at The French Institute for International and Strategic Affairs (IRIS). He describes the EU's latest move as a not well-thought-out half-measure that will produce questionable results. "There is a very clear message addressed to Russia, but I'm not really sure it's that robust in the longer term or even through the next few months." Dr. Rémi asserts that the EU should have already begun diversifying 15 years ago: "There were plans for natural gas, as well as for oil. And we did just the opposite, we increased dependency on Russian oil and gas. So now we decide almost overnight to replace 90 percent. We are not sure where it is going to come from. And European countries are also fighting for the same alternative sources. Somehow that's not discussed enough."
#Europe #oil #embargo

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