Since Russian troops stormed into Ukraine on Thursday after President Vladimir Putin announced a full-scale invasion, the United States, the European Union, and their allies have announced a slew of sanctions aimed at hurting Russia’s economy and financial system and forcing President Vladimir Putin to reconsider his invasion. However, measures aimed towards oil and gas exports, which accounted for 36% of Russia’s national budget last year, are strangely absent from the debate.
President of the European Commission, Ursula Von Der Leyen, has stated that the EU will target Russia’s energy sector with an export embargo that will block European companies from delivering technology to Russia that it requires to improve its refineries. The US Treasury Department also said that Gazprom, Russia’s state-owned energy corporation, will be severely limited in its capacity to raise funds for projects in the US market. However, the call for limits or a ban on Russian oil and gas, which Ukrainian President Volodymyr Zelensky reiterated on Friday, appears to be a long way off. So far, no restrictions have been imposed by the West on Russia’s energy sector.
Meanwhile, according to BCC, Ukraine’s Foreign Minister is urging the international community to stop buying Russian crude oil.
Dmytro Kuleba wrote on Twitter: “I urge that the world isolate Russia completely, expelling its diplomats, imposing an oil embargo, and destroying its economy. Stop the war criminals from Russia!”
