The Russian military continues its full-scale offensive in Ukraine today, bombing the country’s second largest city, Kharkiv, and tightening its grip on the capital, Kyiv, as the third round of Russian-Ukrainian talks is expected to take place later in the day. will bear fruit.
The deterioration of the armed conflict and the almost complete cessation of Russian crude exports are causing the price of oil to ignite. The Brent North Sea barrel reached $ 140 in the early hours of today, a level that is not far from its absolute price record.
The main indexes of Asian stock exchanges (Tokyo, Hong Kong …) were falling by 3% and more earlier, while the gold, value-safe haven, is now valued at over $ 2,000 an ounce.
The continuing rise in oil prices followed statements by US Secretary of State Anthony Blinken, who said yesterday that the United States and the European Union were “very actively discussing” the possibility of banning oil exports from Russia to the invasion of Ukraine, which was later confirmed by the Speaker of the House of Representatives Nancy Pelosi as far as Washington is concerned.
However, German Foreign Minister Analena Berbock said she was opposed to the embargo on Russian oil, gas and coal, stressing that sanctions should be “lasting”.
“It would not make sense if in three weeks we find out that we have only a few days of electricity and therefore we need to review the sanctions,” Ms Berbock told German public television network ZDF.
“We are ready to pay a very high economic price,” but “if the lights went out tomorrow in Germany or Europe, this would not stop Russia’s tanks,” he added.
Germany imports 55% of its gas, 42% of its oil and coal from Russia. Berlin is self-critical about its high level of energy dependence on Russia after the invasion of Ukraine, but it will take years to reduce it.
Although, in theory at least, oil is exempt from Western sanctions to date, Russian exports have fallen dramatically as buyers have plummeted. Shell was one of the few companies to take the risk last week, buying 100,000 tonnes of Russian crude, angering the Ukrainian government.
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