An EU embargo on Russian oil would push up oil prices and exacerbate the cost-of-living crisis facing consumers. However, while there would be logistical challenges, oil supplies would be easier to replace than natural gas and we estimate that the direct economic impact of an oil embargo would be smaller than many assume, reducing euro-zone GDP by less than 0.5% this year.
Commodities Drop-In (24 March, 11:00 EDT/15:00 GMT): Our Commodities team will be exploring how the war in Ukraine is shaking up commodity markets, from oil to wheat, while tackling some of the big market questions – not least whether we’re in for 1970s-style oil supply shocks. Register here.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.