In what would mark a significant new escalation of the sanctions placed on Russia as a result of its invasion of Ukraine, U.S. Secretary of State Blinken said on Sunday that the United States and its European allies were considering a ban on Russian oil imports. Speaking to CNN, Blinken said: “We are now talking to our European partners and allies to look in a coordinated way at the prospect of banning the import of Russian oil while making sure that there is still an appropriate supply of oil in world markets…That’s a very active discussion as we speak.”
How hard would a ban from these countries hit the Russian economy? As our chart using the latest UN Comtrade data shows, the combined effect of a US-EU import stop would be significant despite China being the largest recipient of Russian oil by a large margin. Even just taking into account the countries included at the top end of this list as displayed here, a ban would remove over 40 percent of Russia’s trade value from oil exports. Counting the imports from all EU countries and the United States, this figure surpasses 48 percent – trade worth $35 billion in 2020.
Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor. He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage, and is the Co-Host of the energy news video and Podcast Energy News Beat. Energy should be used to elevate humanity out of poverty. Let's use all forms of energy with the least impact on the environment while being sustainable without printing money. Stu is also a co-host on the 3 Podcasters Walk into A Bar podcast with David Blackmon, and Rey Trevino.
Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.
Weekly Daily Standup Top Stories UK Looks To Woo Investors Impacted by Trump Tariffs April 27, 2025 Clark Savage The UK government is implementing new policies and funding initiatives to attract international investment in green energy […]
Li Keqiang, a former premier of China, has died at the age of 68, according to the country’s state media. The late retired official served a lengthy career in the ruling Communist Party, including a decade as the […]
Energy News Beat Publishers Note; Perfect example of how the green movement will only be successful if the system has accountability. Tesla is making more money from carbon credits than from the manufacture of electric […]
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.
