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Transcript/ScriptUkraine Russia Oil (TV)
HEADLINE: Bans on Russian Energy Ripple Across the Globe
TEASER: Analyst explains so-far stumbling sanctions
PUBLISHED AT: 5/18/2022 AT 12PM
BYLINE: Arash Arabasadi
CONTRIBUTOR:
DATELINE: Washington
VIDEOGRAPHER: AP/ REUTERS/ AFP/ ZOOM/ Greenpeace
SCRIPT EDITORS: Steve Redisch, BR
VIDEO SOURCE (S): AP/ REUTERS/ AFP/ ZOOM/ Greenpeace
PLATFORMS (mark with X): WEB __ TV X RADIO __
TRT: 3:00
NOTE: FOR RELEASE WEDNESDAY, 5/18
VID APPROVED BY:
TYPE: TVPKG
UPDATE: ))
[[INTRO: Western allies have imposed crushing sanctions on persons and parts of the Russian economy following Russia’s unprovoked war on Ukraine. But a major part of Russia’s economy is doing fine. Better than fine, says one analyst. VOA’s Arash Arabasadi has more.]]
((NARRATOR))
Despite sanctions squeezing much of Russia’s economy, cash still flows through the country’s rich energy sector. This comes after a much smaller drop in Russian oil exports than anticipated.
[[RADIO TRACK: Ben Cahill is a Senior Fellow of Energy Security and the Climate Change Program at the Center for Strategic and International Studies. He spoke with VOA on Zoom.]]
((Ben Cahill, Center for Strategic and International Studies))
((mandatory ZOOM logo))
“Many people expected that we’d see two-to-three million barrels-a-day of oil-production capacity lost in the first month – including the International Energy Agency and a lot of consultants – ((but)) that didn’t happen. It’s probably been less than a million barrels a day. Now I think we’re at a point where EU officials are saying, ‘What’s next? How can we ratchet-up the economic pressure on Russia?’ Because what we’ve done so far isn’t working.”
((NARRATOR))
Western sanctions have led to retaliatory actions by Moscow, further accelerating calls in Europe for alternative energy sources.
In France, farmers mash together crops and agricultural waste before fermenting the mix, producing biofuel to potentially power hundreds or thousands of nearby homes.
In Portugal, a floating array of 12-thousand solar panels the size of four football fields is that country’s latest effort to ditch fossil fuels.
Meanwhile, Germany’s vice-chancellor recently accused Russia of using fossil fuels as a “weapon.”
Yet the price of oil keeps going up. That means even by selling less oil, Russia is bringing in more money.
[RADIO TRACK: Once again, Ben Cahill of CSIS.]
((Ben Cahill, Center for Strategic and International Studies))
((mandatory ZOOM logo))
“It’s a bit of a paradox. The more momentum there is to actually take this oil offline the bigger the price impact will be for the countries that import Russian energy. And that is economic pain EU policymakers may be willing to tolerate. But you can’t attempt to take the world’s largest oil and products exporter out of the market without having an economic impact. And it’s a global impact.”
((NARRATOR))
Further straining global supply chains, truckers and the trucks that deliver almost everything we buy are facing spikes in the cost of diesel fuel.
Yet one part of the EU’s upcoming sanctions proposal, says Cahill, could really hurt Russia.
((Ben Cahill, Center for Strategic and International Studies))
((mandatory ZOOM logo))
“If you cut off shipping insurance, that means that any company with a tanker can’t get insurance to transport stuff from Russia. And that’s a big risk. What if that tanker sinks? What if it runs aground? What if there’s some sort of environmental disaster, and they have no insurance?”
((mandatory cg Greenpeace))
((NARRATOR))
While Europe navigates choppy energy waters, Cahill says Russia has had some luck selling oil to India and China but often at steep discounts around $30 per barrel below market value.
((Arash Arabasadi, VOA News))
NewsML Media TopicsArts, Culture, Entertainment and Media
NetworkVOA
Location (dateline)Washington D.C.
Embargo DateMay 18, 2022 16:16 EDT
Byline
((Arash Arabasadi, VOA News))
Brand / Language ServiceVoice of America - English
