Europe wants to Ban Russian oil

The Russian invasion of Ukraine in the month of February revealed the dependence of Europe on Russian Crude Oil and Gas. After two months, the European Union is finally thinking about cutting off Russian oil supplies, as it searches for other ways to economically pressurize Russia. On Thursday,  Germany dropped its resistance to a Russian oil embargo. However, Imposing a ban on Russian oil is a political and economic nightmare for the EU. The currency scenario has left the bloc to look for alternative sources of energy, and to arrive at an agreement on what an embargo would look like. According to the bloc's official statistics organization, in the year 2021, 25% of the European Union's oil imports and 39% of its natural gas imports came from Russia.

Last year the EU imported more than $100 billion worth of Russian energy. The current skyrocketing prices of energy indicate that Russia is still earning significant money from its exports of energy. Russia has exported more than $66 billion of energy since it began its invasion of Ukraine. According to Reuters, the problem is particularly acute for Europe's biggest economy, Germany. Last year, one-third of Germany's crude oil imports and more than half of its natural gas imports came from Russia.