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there s always talk about it being so unpolitical but ijust don t see how it is. tonight with the context, lord bilimoria president of the confederation of british industry and founder of cobra beer and ron christie former senior advisor to president george w bush. welcome to the programme. after weeks of dicussions, eu leaders have agreed on a partial embargo of russian oil imports. the plan is expected to affect up to 90% of russian oil imports by the end of the year. it will only affect oil that arrives by sea that s around two thirds of imports. but not pipeline oil, following strong opposition from hungary. first, this is the eu s foreign policy chief. we were in versaille bursae a few weeks ago, not many observers would ve thought it would ve been possible for us only in a few weeks to take such a concrete and historic decision. we have decided to sanction russia by banning russian oil, this is extremely important and we will succeed in the following month ....
On russian gas exports to the eu yet. in response to the move, russia s state oil giant gazprom has announced it is cutting off gas flows to denmark s orsted company and turning off shell energy s gas supply for its german contracts effective tomorrow. remember gazprom has already cut off gas supplies to poland, bulgaria, finland and the netherlands. so how might putin be feeling about the move and will it force a strategic recalculation? here s our russia editor steve rosenberg. i suspect that vladimir putin will not be sitting in the kremlin right now thinking, oh my goodness, i ve miscalculated, i ve underestimated the economic consequences of for my country, i m going to pull my troops out of the ukraine. i can t see that happening. more likely, based on the anti western rhetoric he s been coming out with in recent weeks, president putin will be saying to himself, 0k, europe, citizens of europe, you re already experiencing a degree of economic pain, ....
Unprecedented achievement and a huge re routing of how european energy policy. i do want to make sure that we are celebrating this milestone but at the same time, understanding this is not enough. more must be done to actually decrease significantly any revenue that russia is making off oil and also gas. russia is making off oil and also as. , . , russia is making off oil and also as. , russia is making off oil and also as, , ., gas. gas may be further down the line. gas. gas may be further down the line- wasn t gas. gas may be further down the line. wasn t it gas. gas may be further down the line. wasn t it interesting - gas. gas may be further down the line. wasn t it interesting as - gas. gas may be further down the line. wasn t it interesting as we i line. wasn t it interesting as we watched over the past few days what concessions are to be given or what compromises had to be reached, particularly hungry. perhaps we are seeing friction or fissures between some of the member sta ....
We were in versaille bursae a few weeks ago, not many observers would ve thought it would ve been possible for us only in a few weeks to take such a concrete and historic decision. we have decided to sanction russia by banning russian oil, this is extremely important and we will succeed in the following months to implement that decision and ursula is right when she said that it will break the financing of the russian war machine, this is our goal. kyiv had been calling for tougher sanctions from the eu on russian energy for months and it s clear to see why. every year the eu spends about $1i30 billion on russian energy. which has helped fund the russian war effort. russia currently supplies about 27% of the eu s oil. many countries in the eu are much more heavily reliant as you can see lithuania, finland, slovakia and poland all get more than half their oilfrom russia. then there s gas the eu relies on russia for 40% of it s gas imports. but remember, there are still no sanctions ....
With that this move is prices will go up and with that to deal with that. fortune favours with that to deal with that. fortune favours the with that to deal with that. fortune favours the bold and i m glad that europe favours the bold and i m glad that europe has made this move now and we are unified europe has made this move now and we are unified in europe has made this move now and we are unified in stopping this war. but suppose it depends how bold they would be going back to germany and their particular funding, would be going back to germany and their particularfunding, some would be going back to germany and their particular funding, some would say, russia as they continue to buy gas. how do you see it, ron christie? i gas. how do you see it, ron christie? gas. how do you see it, ron christie? , ., , , . christie? i see a pretty much the same way christie? i see a pretty much the same way as christie? i see a pretty much the same way as he christie? i see a pre ....