Europe faces pressure to join US, British ban on Russian oil

Europe faces a rough choice: is it worth a recession to choke off oil and gas money to Russia while it fights a war in Ukraine

BRUSSELS -- Europe faces a tough choice: Is it worth a recession to choke off oil and gas money to Russia while it fights a war in Ukraine?

While U.S. and British bans on Russian oil increase the pressure on Europe to follow suit, the continent's dependence on Russia for energy makes an immediate embargo much more difficult. Still, some officials say it is the only way to stop pouring billions in oil and gas revenue into President Vladimir Putin's coffers, despite the near certainty of record inflation worsening.

Europe gets around 40% of its natural gas and 25% of its oil from Russia, whereas the U.S. gets meager amounts of oil and no natural gas. An EU boycott would mean higher prices at the pump and on utility bills, and ultimately the threat of an energy crisis and recession while the economy is still recovering from the coronavirus pandemic.

Prices for everything from food to electricity are already painfully high partly because of skyrocketing natural gas prices in Europe. Governments have rolled out subsidies to compensate people for high utility bills, while gasoline has risen above 2.01 euros per liter — the equivalent of $8.33 per gallon, meaning filling up a compact car could cost 90 euros ($98).