Illarionov said that only a full embargo on Russian oil would bring the conflict to an end. He explained that Putin was not taking any threats on embargoes seriously because Western countries are still buying oil and gas from Russia, adding that only a serious embargo could be a “very effective” tool. “I would bet that probably within a month or two, Russian military operations in Ukraine, probably will be ceased, will be stopped,” the former economic adviser said (via BBC).
The European Union imports about 40% of its gas and 27% of its oil from Russia, per the BBC. Josep Borrell, Representative of the Union for Foreign Affairs and Security Policy, told the organization that amounts to around a billion euros every day for oil and gas. The U.S. only imported about 5% of all imports, which President Biden banned in early March (via the New York Post).
