Spain risks only 4% of oil consumption with EU veto against Russia

It aims to blockade Another step in the EU’s strategy to cut income and makes it difficult for the Kremlin to continue funding the military invasion of Ukraine. The measure will have an unequal effect on the economies of the member states of the Union and Spain among the countries least subject to vetoAs reported by El Periódico de España.

Spain is just one 4.6% of your consumption Oil Total with imports from Russia With 2.56 million tons last year, it put Eurasian power as the eighth-largest supplier to the Spanish economy, according to the records of the Company for Strategic Reserves (Cores).

During this year, Spanish companies cut their purchases Reducing the weight of imports to Russia to 4.2% of the total between January and March, the latest data published by Cores corresponding to this practice (up to 499,000 tons)

Concerns by the energy sector and the Government about the impact of Russia’s military aggression on Ukraine and the impact of international sanctions on Russian crude do not focus on potential security of supply issues, given Spain’s reduced exposure to Russian oil. this Spain’s low dependence on Russian hydrocarbons get energy companies to verify this they can provide supply relatively easily with purchases from other supplier countries. However, in a scenario where inflation is already skyrocketing, the apparent impact of the uncertainty from the war and the adoption of new sanctions on energy prices is alarming.

The Bank of Spain said that the total embargo on purchases of both oil and gas from Russia will fall between 0.8% and 1.4% of Spanish GDP, and strong influence on pricesincreases inflation by 0.8 to 1.2 percentage points.

Spain to be among companies with less serious impact. For the EU as a whole, the Bank of Spain forecasts a 2.5% to 4.2% decrease in GDP (three times that of Spain) and a 1.6 to 2.7 percentage point increase in the inflation rate (double). . A total veto of oil and gas would result in a lower growth blow for Germany, between 1.9 and 3.4 percentage points; Between 1.2 and 2 points for France and between 2.3 and 3.9 points for Italy.

The Spanish Government has already shown its satisfaction with the agreement reached by the Twenty-Seven. Government sources acknowledge this. Spain would like to go further and reach a more ambitious agreementhowever, they acknowledge that the agreement reached has the value of maintaining unanimity among member states by creating a difference between crude oil shipped by ship and crude oil transported by pipeline, according to Efe. The veto on the purchase of ship oil will affect two-thirds of Russia’s revenue by the end of the year.