Will Europe’s Embargo on Russian Oil Succeed?
Europe’s decision to ban most Russian oil imports is based on a simple calculation: because the EU accounts for about half of Russia’s oil exports, an embargo would roughly halve Russia’s oil-export revenues. But the reality is more complicated.
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BRUSSELS – As the war in Ukraine passes the 100-day mark, it is worth asking how much damage Western sanctions have done to Russia’s economy, and whether forthcoming measures – especially the European Union’s newly announced embargo on most Russian oil – can change Russian President Vladimir Putin’s strategic calculations.