Could A Full Oil Embargo Stop The War In Ukraine?

Former Kremlin adviser: real embargo on oil and gas exports from Russia would force quick end of war in Ukraine

A “real embargo” on Russian oil could end the war in Ukraine in a matter of months, the BBC has reported, citing a former chief economic adviser to President Putin.

According to Andrei Ilarionov, who resigned in 2005, if the West “would try to implement a real embargo on oil and gas exports from Russia… I would bet that probably within a month or two, Russian military operations in Ukraine, probably will be ceased, will be stopped”.

“It’s one of the very effective instruments still in the possession of the Western countries,” the former Kremlin official also said.

Illarionov was also openly critical of the Russian government, saying that President Putin’s “territorial ambitions, his imperial ambitions, are much more important than anything else, including the livelihood of the Russian population and of the financial situation in the country… even the financial state of the his government.”

The European Union has been discussing an oil embargo on Russia but has stopped short of imposing one because of its heavy dependence on the commodity, not to mention natural gas where the dependence is a lot heavier.

Chelsea owner Roman Abramovich hit by UK sanctions

Sanctions bar oligarch Abramovich from selling his $3 billion soccer club 

 Chelsea Football Club’s Russian owner Roman Abramovich was on Thursday hit with a UK assets freeze and travel ban, throwing his plans to sell the European and world club champions into disarray. The billionaire owner of the English Premier League side was one of seven oligarchs slapped with restrictions over Russia’s Ukraine invasion, including his former business partner Oleg Deripaska.

Others sanctioned were Rosneft chief executive Igor Sechin, whom the British government described as Russian President Vladimir Putin’s “right-hand man”, and the head of Gazprom Alexei Miller. Also on the list were VTB bank chairman Andrey Kostin, Transneft president Nikolai Tokarev and Bank Rossiya chairman Dmitri Lebedev.

London said the seven have a collective net worth of about £15 billion ($19.7 billion, 17.8 billion euros) and described them all as part of Putin’s inner circle.

Biden bans Russian oil imports to U.S.

U.S. gasoline prices will rise further

U.S. President Joe Biden announced a ban on Russian oil and other energy imports on Tuesday in retaliation for the invasion of Ukraine, underscoring strong bipartisan support for a move that he acknowledged would drive up U.S. energy prices.

“We’re banning all imports of Russian oil and gas energy,” Biden told reporters at the White House. “That means Russian oil will no longer be acceptable in U.S. ports and the American people will deal another powerful blow to (Russian President Vladimir) Putin’s war machine.”

Oil prices jumped on the news, with Benchmark Brent crude LCOc1 for May climbing by 5.4% to $129.91 a barrel by 1345 GMT.

Biden has been working with allies in Europe, who are far more dependent on Russian oil, to isolate Russia’s energy-heavy economy and Putin. Britain announced shortly before Biden’s remarks that it would phase out the import of Russian oil and oil products by the end of 2022.