Thursday, May 19, 2022

Embargo hammer: now the USA is also boycotting Russian oil!

Embargo hammer: now the USA is also boycotting Russian oil!

What seemed impossible for years is now changing within a few days: after the sanctions in Russia itself last week, the USA announced an import ban on Russian oil on Tuesday.

editorial staff
8 March 2022 17:07

According to information from the American Gasoline and Petrochemical Manufacturers (AFPM), last year the USA imported 209,000 barrels of crude oil and 500,000 barrels of petroleum products from Russia – per day! Now that should be over, as President Biden announced on Tuesday.

While the European countries are still hesitant or still very dependent on liquid imports from the East, the transatlantic allies have it easier: Most of the oil now comes from Canada, and only three percent from Putin’s production facilities. These have been rising since 2019 after another boycott: At that time, political punitive measures against Venezuela were the reason why the selection of importing countries was reorganized.

Change is more difficult for Austria

For the much smaller Austria, such a step is still more difficult: Although the majority of imports come from Kazakhstan and Iraq, from third-placed Russia it was still 4,728,600 barrels (740,000 tons). Alternative solutions and more flexible infrastructures have been ignored for years.

However, dependence on natural gas is significantly higher: If Russia were to disappear, 19 percent of Austria’s energy supply would be in acute jeopardy.

editorial staff
8 March 2022 17:07

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