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French EU Min-We Will Need To Protect Consumers From Russian Oil Embargo

EU

Wires carrying comments from France's EU Affairs Minister Clement Beaune stating that 'France will need to protect its consumers from the effects of a Russian oil embargo'. There has been increasing talk of the impact of an oil embargo, and whether it would be more painful for the EU or Russia, with US Treasury Secretary Janet Yellen mentioning the conundrum in IMF presser on 21 April.

  • Comes as the EU continues to work on a sixth package of sanctions against Russia.
  • Politico reporting that a plan for sanctions on Russian oil could be presented as early as next week. Unlikely to be a full embargo, with differentiation between different grades of oil as well as by how the oil reaches the EU (pipeline or tanker).
  • On 20 April, German Foreign Minister Annalena Baerbock stated that "Oil imports will be halved by the summer and will be at zero by the end of the year."
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