Post
Topic
Board Politics & Society
Re: Russian Invasion of Ukraine[In Progress]
by
Ultegra134
on 27/02/2022, 11:28:46 UTC
Won't that cause an increase in oil prices in Europe though? Russia is one of the largest exporters of CNG, while Europe also imports oil, at a decent percentage. The war itself already skyrocketed oil and gas prices, however, wouldn't these sanctions lead to a further increase in prices, in the near future?

Talking about the financial repercussions is the least important thing when people are literally dying, however, it was a question I wanted to ask, since Russia is one of the largest exporters in that industry.
No doubts that it will increase oil and gas price in Europe. But I think it's simply not acceptable to feed country which literally started war. Sanctions against Russia will hurt Europe too, but every decision have it's price and priorities should be chosen.

I completely agree with you, excluding sanctions in the oil and energy sector is a large miss, either you're imposing sanctions or don't do it at all. Europe is importing more than 40% of its energy from Russia, while such move would have negative consequences for both parties, it's unacceptable to sustain trading deals with such an aggressive country, causing chaos to the whole Europe.

I understand that such sanctions would also affect European citizens, with higher gas prices, however, there could be a workaround by reducing taxation through EU funds, till we find alternative ways to power, and the situation settles.