Analysts assessed the consequences of the EU embargo on

Russian oilcompensates for the loss of the European market, while others suggestthat the losses will be more serious

If the European Union bans the import of Russian oil, Moscow will have to redirect exports to the Asian market, writes the Financial Times, citing analysts. According to Craig Kennedy, Associate Specialist at the Center for Russian and Eurasian Studies. Davis of Harvard University, it is now unclear "what will be the appetite" of Asian countries and whether their demand for Russian oil will be able to offset the losses from the European ban.

The expert added that possible restrictions on ship insurance will affect shipping and there is a risk that RUSSIA will not be able to provide a sufficient number of tankers to transfer supplies to Asia.

Maria Shagina, a visiting senior fellow at the Finnish Institute of International Affairs, believes that selling oil to CHINA and India "will not fully compensate for the loss of the European market." “Russia will face infrastructure hurdles, demand uncertainty and logistical challenges,” she warned. The specialist suggested that Russia will be able to keep part of the income from oil exports, but not in the same volumes.

Von der Leyen announced EU plans to impose an embargo on all Russian oil Politics

Sofya Donets, economist at Renaissance Capital for Russia and the CIS, believes the Russian economy will be able to cope with the short-term effects of the ban, but in the long term its impact will be more serious due to difficulties in redirecting supplies to Asia. “In the short term, this blow is expected, it will be offset by a surge in oil prices. In the long term, it will affect economic activity and the value of the ruble,” she said. Donets suggested that this influence will mostly "become a reality with some delay in 2023".

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Economist, former Deputy Minister of Finance and First Deputy Chairman of the Board of the Central Bank of Russia (in 1995-1998) Sergey Aleksashenko said that a possible EU oil embargo would not be very effective: in his opinion, rising oil prices would neutralize the damage from the loss of this market.

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On May 4, the HEAD of the European Commission, Ursula von der Leyen, announced that the EU, as part of the sixth package of sanctions, plans to ban the import of all Russian oil: crude - within six months, and oil products - by the end of 2022.

For this measure to be adopted, it must be approved by all 27 countries of the association. Hungary has repeatedly stated that it will not support a ban on the import of Russian oil.

The French Minister called the timing of the adoption of the oil embargo by the European Union Politics

BLOOMBERG also wrote that the European Union proposed to ban European courts and companies from providing services related to the transportation of Russian oil, including in the field of insurance. According to the agency, Greece, Malta and Cyprus questioned the need to ban oil transportation between third countries, because such a move would help European competitors.

In early March, the United States imposed a ban on the supply of Russian oil and gas . In April, Russian President Vladimir Putin instructed to accelerate the redirection of the supply of these resources "to promising markets - to the South and East."

See also EU announced six proposals for a new package of sanctions against Russia 01:06

On May 4, the Ministry of Finance reported that the average price of Urals oil in April was $70.52 per barrel, which is almost 13% more than last year ($62.5). On May 5, oil of this brand was traded at $76.99 per barrel, Brent - $110 per barrel.

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