Russia to benefit from EU oil embargo, Switzerland says

Moscow should win if the EU imposes a ban on the supply of Russian oil. This was stated by the economic observer of the Swiss newspaper Neue Zürcher Zeitung Gerald Hosp.

According to him, the loss of Russian oil volumes in this market will lead to an increase in the price of the energy carrier.

“Moscow could end up earning even more than before the embargo,” Hosp said.

He added that the high price in this scenario will offset the decline in oil volumes. A gradual ban on Russian energy resources is beneficial to Moscow, the journalist is sure. The author of the material emphasized that market prices will rise immediately after the embargo is approved, but oil from the Russian Federation will temporarily continue to flow to the EU at the new cost.

As Hosp noted, China and India will also benefit from the EU oil embargo, as they will be able to buy oil from the Russian Federation at attractive prices.

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