The ban on imports of Russian crude proposed by the EU authorities will only raise Moscow’s oil revenues, according to Norbert Rucker, head of economics and next-generation research at Swiss wealth manager Julius Baer.
The impact of the ban on Russia is “debatable,” the analyst said in an interview with Swiss news outlet 20 Minuten, adding that the EU could have better alternatives to weaken Russia, such as punitive tariffs.
Earlier this week, the European Union unveiled a plan to ban Russian oil imports for all of its 27 member states. The measure, which is set to hit Russia’s national finances, comes as part of an unprecedented sanctions campaign launched by the West against Moscow over its military operation in Ukraine.