economy
March 10, 2026
Iran war exposes EU blunder in sanctioning Russia
The Iran war and rising oil prices show that the EU made a mistake by sanctioning Russian energy, Kirill Dmitriev has said
TL;DR
- EU sanctions on Russian energy are called 'strategic blunders' as oil prices exceed $100 a barrel due to the Iran war.
- Kirill Dmitriev, an investment envoy to President Vladimir Putin, criticized EU policymakers for their short-sighted approach to sanctioning Russia.
- Oil prices have risen about 50% since US-Israeli strikes on Iran began, with potential to reach $150-$200+ a barrel.
- Attacks on oil and gas infrastructure in the Middle East, not just the Strait of Hormuz, are contributing to the oil rally.
- G7 countries are discussing a coordinated release of oil from strategic reserves to mitigate price surges.
- Maritime traffic through the Strait of Hormuz has collapsed by an estimated 80% after several oil tankers were hit.
- The EU vowed to wean itself off Russian fossil fuel by the end of 2027, despite facing an energy crisis and burden on consumers in 2022.
- US President Donald Trump views higher oil costs from the Iran war as a 'very small price to pay' for global safety and peace.
Continue reading the original article