EXPLAINER: What's the impact if Europe cuts off Russian oil?
ABC News
Europe is discussing a boycott of Russian oil over the Kremlin's invasion of Ukraine
Europe is struggling to find ways to stop paying Russia $850 million a day for energy and hit the Kremlin's finances over its invasion of Ukraine. Leaders of the 27-member European Union are finding that reversing decades of dependence on Russian oil and natural gas is not a simple matter.
The EU is now discussing sanctions on Russian oil, including a possible boycott. Here is what such a move could mean for people in Europe and the rest of the world:
HOW MUCH DOES EUROPE PAY RUSSIA FOR ENERGY?
Gas and oil are flowing to Europe even as governments denounce the war. The EU sends $450 million a day to Russia for oil and $400 million per day for natural gas, according to calculations by analysts at the Bruegel think tank in Brussels.
