Matti Maasikas, the Head of the EU Delegation to Ukraine noted on January 2, 2023, that One of the main sanctions of the EU was the termination of 90% of Russian oil supplies to Europe by the end of 2022, thus depriving Moscow of the additional revenues.
Source: Matti Maasikas, the Head of the EU Delegation to Ukraine
“We have drastically reduced our energy dependence on Russia. Because one of the main sanctions the EU adopted was to stop 90% of European oil supplies from Russia by the end of 2022, depriving Moscow of corresponding revenues. Yes, Russia is able to sell its oil to other markets, however this benefit is limited by the fact that Russia is forced to give high discounts on each barrel (Russian oil is sold at around US$ 30 less than the global average),” explained the Head of the EU Delegation to Ukraine.
In addition, Matti Maasikas called the most important point that such a gradual embargo on oil and reduction of gas imports frees Europe from energy dependence on Russia.
Earlier, the Head of the EU Delegation to Ukraine noted that EU sanctions were causing and would cause significant damage to the Kremlin, limiting its political and economic opportunities.
See also: EU oil sanctions against Russia entered into force
