In search of alternative sources of crude oil to limit the global impact of such a measure, the State Department sent a delegation to Caracas last weekend to propose to the government of Nicolás Maduro a relief from sanctions in exchange for an increase in its oil production. That, however, would force the Chavista to abandon his alignment with Moscow and it is not clear to what extent he could help that objective, even if he wanted to, given the impact that the sanctions against Venezuela have generated in the state-owned PDVSA. The talks have reportedly made no progress so far.
movements
Likewise, the White House is also negotiating with congressional leaders who are working on a quick law that would ban Russian imports. A senior US official quoted by Reuters noted that “the United States is likely to do it alone.”
Canada, which imported barely 5% of its domestic consumption from Russia, has already banned imports from that country.
The European Union (EU), on the other hand, is heavily dependent on Russian oil and gas. The latter accounts for 40% of the total consumption of families and companies in the bloc, a proportion that rises to more than 60% in the case of Germany.
Distance
Thus, the German Chancellor, Olaf Scholz, recalled yesterday that energy imports from Russia are “essential” for the “daily life of citizens” in Europe and the continent’s supply cannot be guaranteed by alternative means at this time.
Fears of a Western embargo on Russian oil sent crude prices soaring again on Monday. Germany is working “with its partners in the EU and not just the EU to find alternatives to Russian energy,” Scholz added. “But this cannot be done overnight,” he added.
“You have to be able to maintain sanctions over time,” explained the German Foreign Minister, Annalena Baerbock. “It doesn’t do any good if in three weeks we find out we only have electricity for a few days and those sanctions have to be rethought,” she said.
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
