The news, the rumor of which made the markets jump, had the effect of a bomb.
During a speech on Tuesday, US President Joe Biden announced an embargo on Russian oil and gas imports.
A way to put maximum pressure on the Kremlin, while Vladimir Putin has expressed his desire to continue his military intervention in Ukraine.
The American decision has not, for the time being, been followed by the Member States of the European Union, which are much more dependent on Russian energy products.
Only the United Kingdom indicated, at the end of the afternoon, that it wanted to stop importing Russian crude oil and petroleum products by the end of the year.
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The measure was presented by Joe Biden as a "
powerful blow to [Vladimir] Putin's war machine
", supported by both wings of the US Congress.
The American president added "
understand
" that his European allies may find it difficult to follow his example, adding that his decision had been taken "
in consultation with our allies
".
Joe Biden's announcement comes as Russia continues its offensive across Ukraine.
Faced with the violence, many political leaders have called on Westerners to increase the pressure a notch, in the hope of making the Kremlin bend.
In addition to the four sets of sanctions already announced, these actors call for a fatal blow to the Russian portfolio, by banning imports of gas and oil from this country.
A way to melt Russian exports, and considerably weaken the finances of Moscow.
A relatively limited dependence on the American side
The United States is much less dependent on Russian oil than the European Union: a net exporter of oil since 2020, the country imported, in 2021, “
on average 209,000 barrels per day (bpd) of crude oil and 500,000 bpd of other petroleum products from Russia
,” according to the Association of Fuel and Petrochemical Producers (AFPM).
These imports are mainly carried out for logistical reasons, adds the organization.
Overall, Russia accounted for only 7% of total oil imports - including crude - from the United States, in 2020, and 3% of crude imports, in 2021, according to the AFPM.
A negligible amount compared to Canada, Mexico, Saudi Arabia and Colombia.
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By way of comparison, the European Union imported, in the same year, 23% of its petroleum and petroleum products from Russia, on average, according to Eurostat.
A proportion that rose to 78% for Slovakia, 67% for Poland, and 30% for Germany.
Relying instead on other African nations or Saudi Arabia, France is lagging behind, with 13% of its imports of crude oil and petroleum products coming from Russia.
Fed on Russian oil, some European nations are particularly reluctant to establish an embargo which would have far heavier consequences than in the United States.
As for natural gas, the United States does not import it from Russia.
Washington depends almost exclusively on Canada, since 98% of its imports come from its neighbor.
Another difference there too with the European Union, of which Moscow is the leading supplier (45% of total imports).
Finally, on coal, Russia is the United States' fourth largest supplier: 5% of American imports come from Russia, far behind Colombia (72%), Indonesia (12%) and Canada (9%).
For the European Union, this share rises to 45%.
An immediate effect on prices
On the American side, this decision comes as prices at the pump are reaching record highs, slightly above four dollars per gallon of gasoline, or 3.78 liters.
Like the rest of the world, the country is hit by the increase in oil prices, which inflates the final bill paid by consumers.
Same observation in Europe, where the prices of fuels do not stop increasing as the raw material takes off on the markets.
Gas prices have also spiked.
The economic consequences of an embargo, even only supported by the United States at this time, are significant: on the markets, the simple rumor, Tuesday afternoon, propelled the price of a barrel of Brent beyond the bar $130.
The American president has also recognized it: the embargo and the growing tensions “
will have a cost
”, including for American households.
“
Defending freedom will have a cost […].
We need to [...].
The time has come to take our part
” in this fight, he justified himself.
And to warn the oil sector against any desire to take advantage of this period to increase their prices disproportionately.
Politically, Joe Biden's maneuver also puts Europeans under pressure, while unity behind the issue of an embargo remains difficult to ensure.
In the immediate future, the European Commission proposed, on Tuesday, a "
draft plan
" aimed at making the 27 "
independent of Russian fossil fuels well before 2030
", and to ensure a gas supply for the winter of 2022- 2023.
"
We simply do not want to depend on a supplier who threatens us openly
," said Commission President Ursula von der Leyen.
It remains to be seen whether the American decision will be followed by its partners, and how Russia, like the markets, will react.