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WORLD NEWS Thursday 10 March 2022
Europe faces pressure to join U.S., British ban on Russian oil

By RAF CASERT, KELVIN Minister Mark Rutte said,
CHAN and DANICA KIRKA because “we are very
Associated Press much dependent, that’s
BRUSSELS (AP) — Europe the sad reality.”
faces a tough choice: Is it The EU goal “is a huge task
worth a recession to choke to get there. I’m not sure
off oil and gas money to we can get that, but we
Russia while it fights a war in have to do everything in
Ukraine? our power to make that
While U.S. and British bans happen,” he said Wednes-
on Russian oil increase the day.
pressure on Europe to fol- With the world already fac-
low suit, the continent’s ing an energy crunch and
dependence on Russia for oil prices soaring to $120
energy makes an immedi- per barrel — compared
ate embargo much more with $76 at the end of last
difficult. Still, some officials year — a European boy-
say it is the only way to stop cott would send prices and
pouring billions in oil and inflation “to the moon,”
gas revenue into President said Tagliapietra from the
Vladimir Putin’s coffers, de- Bruegel think tank. And
spite the near certainty of not just for Europe, but en-
record inflation worsening. ergy-consuming countries
Europe gets around 40% of A winding tower of a closed coal mine rusts in front of a coal-fired power station Gelsenkirchen, around the world.
its natural gas and 25% of its Germany, Tuesday, March 8, 2022. Yet the intensification of
oil from Russia, whereas the Associated Press the conflict, the stream of
U.S. gets meager amounts compact car could cost 90 tin where it hurts.” head of the Global Energy refugees and the heart-
of oil and no natural gas. euros ($98). U.S. President Joe Biden Research Group at the Uni- rending images of suffering
An EU boycott would mean Those costs already are cut- acknowledged as much versity of Warwick’s busi- are keeping the issue very
higher prices at the pump ting into consumer spend- when he announced the ness school. “So it’s going much on the table.
and on utility bills, and ul- ing, with inflation at all-time U.S. ban on Russian oil im- to put the European po- There is “considerable pres-
timately the threat of an high of 5.8%. The question ports, saying “many of our litical system and the Euro- sure both from allies as well
energy crisis and recession is: How much more pain European allies and part- pean agreements and the as domestically — the pub-
while the economy is still re- can Europeans take to try ners will not be able to join European project ... under lic would probably back
covering from the corona- to stop Putin’s attack on us.” an awful lot of stress.” this sort of a move as long
virus pandemic. Ukraine? Efforts to agree on a boy- The European Commission, as it didn’t meant too high
Prices for everything from “The consequences to cott could be complicated the EU’s executive arm, an- prices,” Caroline Bain, chief
food to electricity are al- the European economy because some EU member nounced a plan Tuesday commodities economist at
ready painfully high partly would be major,” said Sim- countries are much more to wean the bloc off two- Capital Economics said in
because of skyrocketing one Tagliapietra, an en- dependent than others on thirds of Russian natural an online briefing Tuesday.
natural gas prices in Eu- ergy policy expert at the Russia. Germany and Italy gas by the end of the year, Bain expected European
rope. Bruegel think tank in Brus- rely heavily on Russian nat- including by purchasing countries to take a “more
Governments have rolled sels. “And therefore, there ural gas. Poland gets 67% more liquefied natural gas measured approach”
out subsidies to compen- would need to be an up- of its oil from Russia, while brought by ship and build- rather than a complete
sate people for high utility front, clear, political deci- Ireland gets only 5%. ing up renewables more ban on Russian energy and
bills, while gasoline has risen sion that we are willing to “It will be divisive within quickly. “look at ways in which they
above 2.01 euros per liter — compromise our economy, Europe because one part That already will be a mas- can reduce considerably
the equivalent of $8.33 per we are willing to afford a of Europe risks suffering sive challenge to accom- their reliance on Russian
gallon, meaning filling up a recession, in order to hit Pu- more,” said David Elmes, plish, Netherlands Prime energy.”q

South Korea returns North Korean

boat, 7 crew members

SEOUL, South Korea (AP) while pursuing the boat poorly marked sea border,
— South Korea’s military near Baekryeong island. but there also have been
on Wednesday returned The seven crew members some deadly clashes over
a North Korean boat and told South Korean military the years.
its seven crew members officials they drifted south South Korea blamed North
across the countries’ dis- of the boundary because Korea for an attack on a
puted western sea bound- of navigation mistakes South Korean warship that
ary a day after they drifted and mechanical problems killed 46 sailors in 2010, but
into waters near a South and expressed a desire the North has denied re-
Korean border island. to return to North Korea, sponsibility. South Korean Navy’s patrol ships search for survivors from the
South Korea’s navy fired South Korea’s Defense South Korea has patrolled sunken South Korean navy ship near South Korea’s Baekryeong
warning shots on Tuesday Ministry said. waters around the North- island, March 29, 2010.
to chase away a North South Korea’s navy has ern Limit Line for decades Associated Press
Korean patrol vessel that often fired warning shots after it was drawn up by War. North Korea does not encroaches deeply into
temporarily crossed the so- to repel North Korean ves- the U.N. command at the recognize the line and in- waters currently controlled
called Northern Limit Line sels crossing the countries’ end of the 1950-53 Korean sists upon a boundary that by the South.q