VCI: Russian oil embargo could cause raw material prices to rise

However, an EU embargo on crude oil from Russia would not pose such a serious problem for the industry as a whole in terms of raw material supplies as a supply freeze for natural gas. The raw material naphtha, which is derived from crude oil and is relevant for the production of plastics, chemical fibers and medicines, is available on the world market from various regions.

EU Commission President Ursula von der Leyen today presented a new package of sanctions against Russia to the European Parliament in Strasbourg. The proposal includes an embargo on Russian oil. According to von der Leyen, this involves a complete ban on imports of all Russian oil, whether by sea or pipeline, crude or refined. Russian crude oil supplies are to be phased out within six months and refined products by the end of the year.