Suggesting they might start selling assets as well rather than letting assets rub off on other aspects of another monetary tightening. irate other aspects of another monetary tightening. we will have to leave monetary tightening. we will have to leave it monetary tightening. we will have to leave it there. - have to leave it there. apologies for the slightly glitchy sound on that interview. let s return to the war in ukraine now because the european union has proposed its toughest sanctions yet against russia including a total ban on all russian oil by the end of the year. oil is the single biggest source of funding for the kremlin earning it $180 billion in tax revenue this year alone despite sanctions. that s 60% of russia s federal budget. western countries are by far russia s biggest
Central bank, this will be a big move. what will happen after this point will depend on how exactly the sanctions are implemented, there are many ways for sanctions to actually be implemented successfully. but the embargo on russian all alone is not going to be sufficient, it needs to be a come by quite a few sets of measures. if come by quite a few sets of measures come by quite a few sets of measures. , . ,., measures. if there is an eu ban on russian measures. if there is an eu ban on russian oil, measures. if there is an eu ban on russian oil, does measures. if there is an eu ban on russian oil, does that - measures. if there is an eu ban on russian oil, does that mean| on russian oil, does that mean that no russian oil will enter the eu? i that no russian oil will enter the eu? ., ., , the eu? i mean, that s the ideal scenario, the eu? i mean, that s the ideal scenario, expected i the eu? i mean, that s the| ideal scenario, expected by those that are launching sanctions
Customers buying 70% of its oil and oil products. european commission president ursula von der leyen says it has to stop. today, we are addressing our dependency on russian oil and let s be clear, it will not be easy. because some member states are strongly dependent on russian oil but we simply have to do it. so today we will propose to ban all russian oil from europe. this will be a complete import ban on all russian oil, seaborne and pipeline, crude and refined. but the proposals need the backing of all 27 member states and not everyone is on board. at least four eu member states,
Global oil that does not end up in europe- in europe. thank you so much for giving in europe. thank you so much for giving us in europe. thank you so much for giving us your in europe. thank you so much for giving us your thoughts . in europe. thank you so much for giving us your thoughts on j for giving us your thoughts on this. let s stay with oil because in an hour or so, shell will become the latest energy giant to unveil a jump in revenues because of the soaring price of oil and gas caused of course by the war in ukraine. it s expected to have made billions of dollars possibly as much as $10 billion in the three months to the end of march. the uk government has so far ruled out a windfall tax on the oil companies despite calls from the opposition. anna macdonald is a fund manager at amati global investors in edinburgh. let s start with the ties to russia. how big a hit is shell likely to take from russia? the total effect will be around for two $5 billion. they
Ending their involvement with the nord stream gas to pipeline, which has since then been cancelled, the announcements the invasion took place, and also they are going to quit a facility that which is 50% owned and operated by gazprom. is 50% owned and operated by gazrom. ., ,, ., , gazprom. now, in russia, they miaht gazprom. now, in russia, they might have gazprom. now, in russia, they might have actually gazprom. now, in russia, they might have actually withdrawn | might have actually withdrawn their operations there, but the oil price globally is up 30% since the start of this war, so how much our oil companies actually profiteering for what is happening in ukraine? thea;r is happening in ukraine? they are certainly is happening in ukraine? they are certainly generating - is happening in ukraine? tie: are certainly generating an awful lot of cash flow from it, so they are anticipated to make adjusted earnings this quarter of 8.4 billion, which is well more than double what it