Russia Bans Oil Exports: Vladimir Putin plays diplomatic bet, EU breaks in February

by kaarthik shankar
Vladimir Putin President of Russia

MOSCOW

Russia Bans Oil Exports: Russian President Vladimir Putin has once again proved come what may, he will never bow down to Europe. This new decision of the Russian President is a big blow to the European Union (EU).

If Putin does not export oil to those European countries from February 1, 2023, he is insisting on fixing the prices of oil and oil products. Putin has said that this export will be banned for five months.

This biggest reply that came from Putin to the EU on Tuesday is enough to break the back of European countries. Europe, already reeling under the brunt of winter, is facing an energy crisis. Now, this new announcement may increase his headache.

The consequences of this decision

Seven major countries of the EU and Australia decided this month that oil coming from Russia would be bought at a price of $ 60 per barrel. This ban on Russian crude oil has come into effect from December 5.

This decision has been taken in view of the ongoing war in Ukraine. On December 27, an official response has been given by Russia. Russia has said that the ban on oil exports will start from February 1, 2023, and will remain in force for five months.

Exemption in a special case

Russia says that there will be a ban on the export of crude oil from February 1. But the date of the ban on Russian products will be decided by the government. It is possible that this ban will start from February 1 onwards.

Although Putin has said that in special cases countries can get exemption from Russia. According to Russian Deputy Prime Minister Alexander Novak, it is now impossible for Europe to find an alternative to crude oil coming from Russia. He said that the EU is banning Russian oil products, which is completely wrong.

Germany will walk a different path from the EU!

Tass quoted Deputy PM Novak as saying, ‘Europe was a major market for the sale of our oil products. We wait and see what they decide now. So far we do not think that they can find any alternative to Russia. In the special case under which Putin will give exemption to the countries of Europe, there is no restriction on the oil supplied through the pipeline.

According to him, the Czech Republic, Slovakia and even Germany and Poland have expressed their intention to take exemption. These countries had earlier refused to take oil from Russia. Now, these countries have applied for the exemption on oil from Russia in the year 2023.

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