Europe is discussing a boycott of Russian oil over the Kremlin's invasion of Ukraine. But what would that do to a global economy that's still rebounding from the pandemic? Here's what that could mean for people in Europe and the rest of the world:
find alternative sources of natural gas
Natural gas is off the table for now. Heavy users like Germany say an immediate cutoff could cost jobs, withCutting off both natural gas and oil would likely cause a recession in Europe, economists say. European governments agreed to stop Russian coal imports starting in August, but that’s a relatively small part of energy payments to Russia.Europe imported 3.8 million barrels a day from Russia before the war.
Analysts at the Bruegel think tank say European countries should be ready to impose measures to reduce fuel use, such as making public transport free and incentivizing car-sharing. If those measures don’t work, tougher ones such as odd-even driving bans based on license plate numbers would be needed. Similar measures were taken during the 1973 OPEC oil embargo, when Germany imposed car-free Sundays.
Phasing in a ban over the rest of the year would be one way to prevent shortages. Germany has already said it plans to end Russian oil imports by year’s end.
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