Between embargo and price cap, Europe and Russia are forced to make difficult choices on oil

Western sanctions on Russian oil have come into effect, who seek to answer a dilemma: how to reduce dependence on Russian crude oil and reduce Moscow’s earnings without compromising energy markets. After months of preparation, the European Union stops buying Ural crude oil transported by sea and, together with the G7 members and Australia, will prohibit all operators from using its financial services (dominant in the sector) to trade Russian oil to the rest of the world, unless purchased below $60 a barrel.