Petrol Threat for Poland

Running Out?

Running Out?

A possible Russian petroleum embargo, caused by the present conflict in Crimea, would have grave consequences for Poland. “It would lead to an increase in crude oil price which would effect petrol prices,” claims Andrzej Szczęśniak, specialist in the field of energy. Russia is one of the world’s major exporters of natural gas and petroleum. On the other hand, Poland imports the majority of its gas and petroleum from Russia. Szczęśniak told the Polish Press Agency (PAP) he is more worried about petroleum than gas imports, as 95% of it comes from Russia. Poland is on the front line, if any embargo is put on Russia as it would lead to a Russian embargo on Poland. Petrol prices would rise as Poland would be forced to buy crude oil on the international markets. What is more, Polish petroleum oil refineries have only ever processed Russian oil. The threat is very real, as the only political tool that could be used against Russia, to which Western countries would agree, are petroleum-related sanctions. The US Secretary of State John Kerry threatened Russia with “very serious consequences.” The whole G8 group is considering the introduction of sanctions such as asset freezes, visa-related sanctions, and trade isolation. The Polish Minister of Foreign Affairs Radosław Sikorski said recently that unless the situation in Crimea calms down, the EU will consider introducing visa-related and financial sanctions on Russia. These declarations will make the petroleum embargo a very real issue for Poland and the Polish economy.
finanse.wp.pl

Get Newzar directly by email

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s