EU foreign ministers are discussing a freeze on oil imports. Austria is against it for now, although it is not particularly affected.
Brussels/Vienna.Energy sanctions against Russia are not out of the question in the EU. Once the fifth sanctions package is approved, EU foreign ministers will begin discussing possible new embargoes on Monday. After coal, an oil import stop is now the order of the day. While most Central and Eastern European countries are pushing for a boycott of all energy exports from Russia, Germany, Austria, Hungary and other EU countries still oppose it for now. An oil embargo would be complicated for Austria but manageable – unlike gas, where dependence is so great that sanctions would jeopardize industry supplies and electricity generation.
According to Statistics Austria, Austria imported 717,097 tonnes of petroleum products directly from Russia last year. In total, crude oil imports totaled 14.1 million tonnes. Thus, only 5.1 percent came directly from Russia. For gas, on the other hand, the dependence was 83% in 2021. The problem is not quantity, it is price. Experts warn of significant price increases on the world market if sanctions are imposed on Russia, the world’s third-largest oil supplier. This would make transport, in particular, significantly more expensive.
MEP Andreas Schieder (SPÖ), however, called for an immediate stop to oil imports in an interview with the “press”. His decision is in line with most MEPs who also voted for an oil embargo this week.
Simone Tagliapietra of think tank Bruegel calculated that the EU currently spends €15 million on coal, around €400 million on gas and €450 million on Russian oil every day. Much of this benefits the Russian state, which is recording additional revenue in the face of rising energy prices. According to the unanimous opinion of experts, an oil embargo would hit Russia hard. The biggest buyer, China, would certainly continue to buy oil. The most important EU exporting countries are currently the Netherlands and Germany.
If an embargo decision were taken, as in the case of coal, there would not be an immediate ban on imports, but a gradual elimination of Russian supplies. On the one hand, this delay would give Russia the opportunity to give in and, on the other hand, it would make it easier for EU states to find alternative sources. (ag./wb)
(“Die Presse”, print edition, April 9, 2022)