As the European Union prepares to place an embargo of some sort on Russian oil imports, Russia will be unable to redirect most of that oil elsewhere. Pivoting to Asia will require massive infrastructure investments that would cause Russia’s production and revenue to plunge. In the meantime, a lack of storage in Russia would mean the country will have to reduce production. Russia’s oil production is already falling and will continue dropping in the coming months and years as Moscow will not be able to redirect to China and India all the volumes it is losing in the West. As the European Union tries to work out the details of a proposed full embargo on Russian oil imports by the end of the year – by potentially exempting Hungary and Slovakia for two years from complying with a ban – buyers in Europe and major international traders are increasingly […]