EU ban on Russian oil would be worst outcome for both: ex-Lukoil boss
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Vagit Alekperov
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Summary
EU member state Hungary is blocking the EU's proposals, given that it relies more heavily Russian oil and is landlocked, meaning it has fewer alternatives to crude that arrives via pipeline than other countries.Russian oil exports to the European Union would drop by around 3 million barrels per day under the bloc's embargo plans, in what would be a "seismic shift" for global markets, consultancy Rystad Energy said.Alekperov said the ban would be "a shock for everyone"."Military conflicts can end quickly, while the energy configuration of the world has been set by decades of investment and hard work of many generations of professionals," he said.
As said here by Hamza Fareed Malik