London-Sana
Energy experts believe that Europe will pay the price for its decision to ban Russian oil, and that it will have to bear the losses and consequences arising from it in the next stage.
And Sky News quoted experts as saying that countries that buy Russian oil, such as China and India, will be the first beneficiaries of the European decision.
The experts considered that the European embargo decision was expected since the beginning of the Ukrainian crisis, but the difficulty was in replacing Russian oil with alternatives and not causing a rise in oil prices and thus not strengthening the causes that lead to raising inflation rates that Western countries suffer from its consequences.
Europe relies on Russian oil by up to 27 percent, and Russia was the largest supplier of oil to Europe, with low transportation costs through pipelines and ports in the Black Sea and the Baltic Sea.
Experts pointed out that Europe is paying a heavy price for reducing and banning Russian oil and gas imports due to the high cost of energy, which will affect economic growth and the standard of living of the population.
Experts suggested that the embargo would lead to a global rise in energy prices, which would have a significant impact on the European Union countries in the first place, as most countries would face a rise in the total cost of living, as it would force governments to keep financial spending high and increase the risks of social unrest, which would be a burden on governments. European.
It is noteworthy that the European Union acquired 45 percent of Russia's exports of crude and oil products by the end of 2021, and imported 2.2 million barrels per day, equivalent to 29 percent of Russian crude oil last year.
