Oil sanctions: Hungary and Slovakia still opposed, Greece, Malta and European citizens sacrificial victims. How the most useless sanctions in history are destroying the Union

The sanctions on Russian oil that the Commission is studying risk being yet another boomerang on European economies and on relations between Western European states. Instead of a moment of union they are creating a moment of rupture, all with the blessing of Brussels.

What are the critical points:

• the sanctions on oil will not lead to direct damage to Russia, which will direct its oil tankers elsewhere, perhaps with a discount on the full price, as is already happening with India. There will simply be a rebalancing of world flows;
• Hungary and Slovakia, dependent on Russian oil, are asking for "Compensation " for not vetoing, or for an exemption from the measure by breaking European unity. If Hungary and Slovakia are exempted from the ban on Russian oil exports, we will have the concentration of processing this oil which will then be exported to the single market. Russia will have no problem selling it at a hefty discount, thus leading to an internal rift between cheap and expensive diesel and gasoline. If, on the other hand, the Hungarian and Slovakian or Bulgarian losses are "compensated" in cash, then why not compensate Italy, which loses supplies for the Triolo (Lukoil) refinery, or Germany for Schwendt? Only because they have unelected governments or the result of false coalitions? You understand that it is a dead end alley.
• And if we hit the maritime services for the transport of oil, from chartering ships to insurance, there will be two effects. First of all, European countries, such as Greece and Malta, with a strong civilian navy will be severely punished : according to Lloyds data, in the course of April 190 oil tankers left their lines in the Russian oil ports of Primorsk, Novorossiysk, Ust- Luga and St. Petersburg, and 76 of these flew the Greek flag. The Greeks nearly tripled their share in Russian oil transportation from the previous year. Who will compensate the Greeks? Or do we make Athens yet another sacrificial lamb? In the insurance sector, if Russia is excluded in the medium term, the emergence of an alternative, perhaps even virtual, insurance center for maritime transport will be favored.

Oil sanctions are stupid and wrong, even with a view to fighting Putin. They bring the cost of the decisions of an unelected and undemocratic political caste down on the skin of the people, who will touch it with the high prices of fuel. Putin will laugh at the enormous prices on oil that swell his pockets emptying them to German and French Italians. If European countries really wanted to do something to limit Russian excessive power, they should invest internally and in non-aligned countries to develop energy production, lowering their prices and therefore decreasing Russian profit, but strengthening our energy security. Individual countries can try this, while the Commission is increasingly seeing a dazed goose repeating Washington's orders slavishly.

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Article Oil Sanctions: Hungary and Slovakia still opposed, Greece, Malta and European citizens sacrificial victims. How the most useless sanctions in history are destroying the Union comes from ScenariEconomici.it .

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This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/sanzioni-petrolio-ungheria-e-slovacchia-ancora-contrarie-grecia-malta-e-cittadini-europei-vittime-sacrificali-come-le-piu-inutili-sanzioni-della-storia-stanno-distruggendo-lunione/ on Mon, 09 May 2022 09:34:52 +0000.