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The EU has been working to wean itself off Russian oil and gas in since the invasion of Ukraine. It has already pledged to reduce gas imports by two-thirds by the end of 2022 and now plans to phase out crude oil over six months and refined products by the end of 2022.

Dr Craig Kennedy, an Associate at Harvard University鈥檚 Davis Center specialising in Russia's oil industry says that Europe consumes half of all Russia's oil production, and is Russia's largest customer. He says the impact will depend on how long it will take for the embargo to come into effect and whether Russia can find other markets for its oil. China and India are potentially likely customers, but there are practical issues in how the oil can be delivered there.

If the embargo does come into force, it could "significantly reduce the largest source of income for the Russian budget" and is "the single most potent step the West could take."

Photo: A Russian oil refinery, silhouetted against the sky, Omsk, March 2022 Credit: Reuters

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