The current sanctions against Moscow did not bring a desired effect. In order to stop the Kremlin, the West must limit export of Russian energy resources to the European Union, writes Newsweek.
The ban on oil supplies from Russia could seriously affect the country’s economy. Oil is the main article of export of Russian energy resources: about 40% of the Russian budget consists of the incomes from crude oil export.
If Russia also possesses additional options in case of the country’s disconnection from the SWIFT international bank payment system, then European Union’s oil embargo could become a physical obstacle, which the Kremlin could easily overcome.
Newsweek’s journalists believe that the EU could receive oil using tankers from other countries. Russia also could find new importers, but Moscow will have to solve logistic and infrastructural problems. It could take several years.
EU could compensate the losses of the enterprises that suffered from such embargo the most by offering them a special assistance, reported author of the article.
