Warnings from Czech Republic: Sanctions on Russian Oil Could 'Kneel the EU'

Czech columnist Ilona Švigliková has written in Časopis argument that hypothetical sanctions against Russian oil supplied to the European Union could cause significant damage to the economies of European countries. This is reported by Gazeta.ru.

She expressed doubts that Europe could replace supplies from the Russian Federation without pain. “In this case, it will only remain to argue whether the astronomical prices of oil will bring the economy to its knees or whether the economic crisis will be so deep that it will significantly reduce the demand for oil,” the author states.

In her opinion, such a scenario is entirely possible if the EU fails to secure oil supplies from other countries by imposing sanctions against Moscow. At the same time, EU member states face a shortage of strategic reserves.