Goldman Sachs: The European Union is unlikely to completely ban the import of oil from Russia.

Goldman Sachs Group said that a comprehensive EU ban on Russian oil imports is "unlikely" because a few member states such as Hungary and Slovakia heavily rely on Russian oil supplies and there is a "lack of momentum to support such a measure." according to a report by Goldman analyst Julia Restekhova Grigpsby and others, US President Trump has called for stopping the purchase of energy from Russia, but this was not included in the EU's 19th round of sanctions. Even if implemented, the impact on the global supply-demand balance would be "limited" as it would only redirect the flow of oil rather than reduce global oil supply. Russia accounts for 17% of the EU's seaborne crude and condensate imports, or 1.9 million barrels per day, and 10% of its oil product imports, or 600,000 barrels per day. Non-Russian producers could fill this gap, especially considering the EU's energy cooperation agreement with the US, which could increase US oil supply. Additionally, the proposed EU sanctions would have a "very limited" impact on European imports, as the sanctioned Russian oil companies and the Russian gas industry petroleum company make up only 5% of Russia's total oil exports to Europe, or 85,000 barrels per day.