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June 24, 2022, 11:07 pm
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EU’s next potential sanctions target revealed Forging High-quality Partnership For a New Era of Global Development : Xi Jinping পদ্মা সেতুর উদ্বোধন উপলক্ষে ১০০ টাকা মূল্যমানের স্মারক নোট ২৪ জুন এক নজরে বাংলাদেশ পদ্মা সেতু উদ্বোধন উপলক্ষ্যে প্রধানমন্ত্রী ও রাষ্ট্রপতির বাণী  Pentagon unveils new Ukraine weapons shipment Germany warns entire industries could stop due to gas shortage ২৪ জুন কোভিড-১৯ সংক্রান্ত সর্বশেষ প্রতিবেদন Japan wants more people-to-people cultural bond with Bangladesh হাওর এলাকার আশংকাজনকহারে জলাভূমি হ্রাস বন্যার ভয়াবহতা বাড়িয়ে দিচ্ছে : আইপিডি PM to open Padma Bridge on June 25  EU and NATO forming coalition ‘for war against Russia’ : Lavrov President, PM greet all involved with Padma Bridge project অবিলম্বে দেশে ভোজ্যতেলের দাম সমন্বয়ের দাবি ক্যাব এর ২১ জুন এক নজরে বাংলাদেশ ২৩ জুন কোভিড-১৯ সংক্রান্ত সর্বশেষ প্রতিবেদন AL means independence, developed Bangladesh: PM  imo steps in to facilitate flood victims LafargeHolcim signs agreement with Swisscontact Bangladesh to support waste management in MSMEs তামাকের দাম বাড়াতে মন্ত্রিপরিষদ সচিবকে ব্যবস্থা গ্রহণের সুপারিশ ৯৭ সাংসদের
Treanding
EU’s next potential sanctions target revealed Forging High-quality Partnership For a New Era of Global Development : Xi Jinping পদ্মা সেতুর উদ্বোধন উপলক্ষে ১০০ টাকা মূল্যমানের স্মারক নোট ২৪ জুন এক নজরে বাংলাদেশ পদ্মা সেতু উদ্বোধন উপলক্ষ্যে প্রধানমন্ত্রী ও রাষ্ট্রপতির বাণী  Pentagon unveils new Ukraine weapons shipment Germany warns entire industries could stop due to gas shortage Japan wants more people-to-people cultural bond with Bangladesh হাওর এলাকার আশংকাজনকহারে জলাভূমি হ্রাস বন্যার ভয়াবহতা বাড়িয়ে দিচ্ছে : আইপিডি EU and NATO forming coalition ‘for war against Russia’ : Lavrov অবিলম্বে দেশে ভোজ্যতেলের দাম সমন্বয়ের দাবি ক্যাব এর ২১ জুন এক নজরে বাংলাদেশ imo steps in to facilitate flood victims LafargeHolcim signs agreement with Swisscontact Bangladesh to support waste management in MSMEs তামাকের দাম বাড়াতে মন্ত্রিপরিষদ সচিবকে ব্যবস্থা গ্রহণের সুপারিশ ৯৭ সাংসদের Prerona Foundation-Bengal Meat collaborates NATO chief ‘cannot guarantee’ membership for Finland and Sweden Energypac Sponsors 4th Dhaka Automotive Show 2022 Putin’s Global Ratings Drop to 20-Year Low : Pew Australian envoy expects Padma Bridge to enhance regional growth

EU explains why it keeps buying Russian oil

Bangladesh Beyond
  • Updated on Sunday, May 29, 2022
  • 78 Impressed

EU explains why it keeps buying Russian oil

 

Dhaka May 29 2022 (RT) : 

 

An immediate embargo would let Russia sell its oil elsewhere and get more money, Ursula Von der Leyen says.

If we would completely, immediately, as of today cut off the [Russian] oil, [Russian President Vladimir] Putin might be able to take the oil that he does not sell to the EU to the world market, where the prices will increase, and sell it for more – and that would fill his war chests,” the EU leader said in an interview with MSNBC earlier this week.

The EU, along with the US and several other Western nations, have placed unprecedented sanctions on Russia over the past three months in response to its military operation in Ukraine, which the West views as an act of unprovoked aggression.

The EU has introduced five packages of sanctions so far, and is working on a sixth one which is to include the details of a ban on Russian fuel, notably oil. According to Von der Leyen, “sanctions are hitting the Russian economy hard,” but a complete embargo would cause severe damage to the European economy.

We have to find the right balance between not hurting our economy too much because this is the strongest leverage we have against this Russian aggression, Putin’s aggression… So we have to be very strategic in the way we approach that topic and therefore it is also so important that we convene the rest of the world to really make sure that we deplete his war chests,” she said.

Nevertheless, Von der Leyen insisted that overcoming dependence on Russian oil and gas is one of the EU’s major goals in the long run, especially considering Europe’s green transition goals. Earlier this month, Brussels introduced a new package of measures that combines these two aims, dubbed REPowerEU. It envisages diversifying from Russian natural gas to other suppliers, for instance, buying liquefied natural gas (LNG) from the US, while promoting energy saving and investment in renewables such as wind, solar, hydropower and hydrogen.

Over time what we do is get rid of the overall dependency of the Russian fossil fuels, all three of them, and never to go back again… If there’s anything Putin has achieved it is that he lost his best client and Europe will never come back, and he pushed us – and that’s good – into the direction of renewable energy,” von der Leyen stated.

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