Developed Countries: Collection of Hypocrites

The first impression I got from the news “European Union (EU) leaders agree partial embargo on Russian oil imports” is that the developed countries are nothing but a collection hypocrites. They are supplying tons of lethal arms to Ukraine to fight their proxy war with Russia, but just can’t stop buying oil and gas from the country they term aggressor. 

On top of that they are paying Russia in its currency to keep their factories running. If they (developed countries) were sincere with the people of Ukraine, they should have stopped buying Russian energy products.

According to reports, European Union (EU) leaders on May 30, 2022 agreed to a partial ban on Russian oil imports that temporarily excludes pipeline deliveries, in a diplomatic escalation against Moscow for its invasion of Ukraine in late February this year.

"Tonight, the European Council agreed a sixth package of sanctions. Concretely, it will allow a ban on oil imports from Russia with a temporary exception for imports delivered by pipeline," European Council President Charles Michel said.

He added that 75% of Russian oil imports will be immediately affected, rising to 90% of Russian oil purchases by the end of the year.

The measure will exert "maximum pressure on Russia to end the war", and includes provisions to exclude Russia's largest bank Sberbank from the Swift international payment system and to ban three Russian broadcast providers, Michel said.

The partial oil embargo emerges after weeks of negotiations within the EU bloc and makes a critical concession to Hungary, which has previously opposed a full ban at the alleged cost to its national energy security.

Hungarian Prime Minister Viktor Orban on May 30, 2022 had pushed the EU coalition for further compromises.

"Leaving out the pipeline [from the embargo] is a good approach, but in the case of an accident with the pipeline through Ukraine we have to have the right to get Russian oil from other sources," Orban said.

The partial ban will further diminish Russia's dwindling export outlets. Several European buyers are already shunning Russian crude supplies as a result of self-sanctioning or the financial sanctions already in place. Russian production has already fallen by a sharp 870,000 barrels per day (bpd) from the previous month to 9.13 million bpd in April, Argus estimates.

The announcement of the EU sanctions, combined with easing Covid-19 restrictions in China, helped send Brent crude futures to a fresh two-month high above US$122/barrel in Asian trade. The front-month Ice July Brent contract rose as high as US$122.43 at 9.01:30 GMT, up by 0.8% from the close on May 30, 2022.