A former Lukoil boss said an EU ban on Russian oil would bring the worst outcome for both sides

The former chief of Russia's second biggest oil company said that an EU ban on Russian oil would be the most negative scenario for both sides.

If the European Union goes ahead with its proposed ban on Russia, it will be impossible to replace it. The founder and ex-CEO of Lukoil told the Financial Times in an interview that it would take years to build new infrastructure to get Russian oil to Europe.

He said that Russia would have to reduce production and take wells offline because of the consequences.

The EU wants to impose a total ban on Russian oil imports, including cutting out crude within six months.

Russia supplied 25% of the EU's oil imports in 2021, far more than any other country.

It will not be easy. Some member states are dependent on Russian oil. European Commission President Ursula von der Leyen said that they simply have to work on it. Hungary is a member of the EU and uses more Russian oil than other countries, so it is blocking the EU's proposals.

Russian oil exports to the European Union would drop by 3 million barrels per day under the bloc's embargo plans.

The ban would be a shock for everyone.

The energy configuration of the world has been set by decades of investment and hard work by many generations of professionals.

The founder and long-serving executive of the oil company said that the West had already shown its opposition to the war in Ukraine.

The CEO of Lukoil stepped down last month due to sanctions. He said that the company had no say in Moscow's policies.

Russia could be forced to shut down a significant supply of oil if the proposed ban goes through. Russia is the third largest oil producer after the US and Saudi Arabia, with 11 million barrels a day of output, most of which is exported.

The repercussions of the embargo would push oil prices higher in the short to medium term.

On Monday, the price of oil was up 1.11% to $111.21 per barrel. The price of oil has gone up by 15% since Russia invaded Ukraine, and is now 73% higher than it was a year ago.

The pain is not over yet. The investing chief of a $1 billion digital asset manager expects the stock market to fall another 30%.