This was said by economist and financial analyst Oleksiy Kushch at the talk-show Energy Freedom by Energy Club on May 17. The topic of discussion of experts was "Delaying the full imposition of the embargo on Russian oil: a weakness of a united Europe or an economic stalemate?"
"It is also necessary to deprive Russia of price arbitrage. Previously, Russia actively used price arbitrage by selling energy resources in the European and Asian markets. And it made big profits on speculation in these markets, creating a deficit in one of the markets," said Oleksiy Kushch.
"For us, the fall of Russian oil production by about 40-50% is a marker. That is, 40-50% is a price discount, and by the same amount a fall in production, only after these marks in the Russian fuel and energy complex will be irreversible changes related to the lack of domestic resources for further development of the fields. An important component of the sanctions is not only a ban on selling Russian oil, but also a ban on the transfer of oil production technology to the Russians and the sale of production equipment," the expert said.
According to him, if Europe begins an economic recession associated with the energy crisis, the EU's ability to help Ukraine will be significantly reduced, which more the political spectrum will change.
"We have to press Europe carefully, because we can shoot ourselves in the foot. Also, very important is the solution to the "Iranian dossier," that is, the signing of a new Iranian agreement, because only Iran can now replace Russian oil in Europe," he summarized.