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.
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