[ad_1]
It is tempting to write off the US and UK bans on Russian oil as being merely symbolic.
After all, as Kwasi Kwarteng, the UK business secretary, noted, Russian oil and oil products, such as kerosene and naphtha, only currently meet some 8% of UK demand.
The main impact in this country, in so far as it will be felt, will be suffered by buyers of diesel – where Russia meets 18% of UK needs.
Girl, 6, ‘killed during ceasefire’ – Ukraine war live updates
This partly explains why, at garage forecourts, the price of diesel has increased more rapidly than petrol in recent days as there is already evidence of some Russian supplies not making it here.
The UK’s comparative lack of refining capacity, which many of the oil majors pared back their refining activities in recent years due to poor margins, may bite in coming weeks.
The US, meanwhile, buys just 3% of Russia’s oil exports.
The loss of that business is hardly going to dent Mr Putin’s war effort.
Nonetheless, these moves send a message to the rest of the world about the determination of democracies like the US and the UK to kick away one of the main props supporting Russia’s economy.
They are intended to send a signal that, if democratic countries are serious about undermining the Putin regime, they will have to follow the lead of the US and the UK in attacking its lifeblood.
A lot of eyes will now be on Japan, a key strategic ally of the US in the Asia-Pacific region, to see whether it follows suit.
The world’s third largest economy, which has indicated it would support a ban on Russian energy exports, relies on Moscow for 4.1% of its crude and 7.2% of its natural gas.
So following the UK and the US would be a big sacrifice and particularly in view of the fact that Japan still has a significant number of…
[ad_2]
Source : skynews
