An embargo would bruise Russia’s oil industry, but for now it is doing fine.

A European Union embargo on Russian oil would bite into the country's export of crude, but it may not do much damage until the restrictions actually kick in.

Analysts say that Russian oil production is proving to be resilient as European buyers and others snap up the opportunity to buy crude at a discount of around $30 a barrel to the international standard.

Russian oil production increased by about 200,000 barrels a day in May to 10 million barrels a day, according to Kpler. About 800,000 barrels a day were below February levels.

If the European Union agrees to an embargo, Russian production will fall by about one million barrels a day, or 10 percent, according to Kpler. Russia's energy industry is expected to erode in the coming years as major oil companies quit the country and sanctions curb imports of Western technology.

Russian refineries increased their output after regular maintenance, and buyers lost some of their fear of handling Russian oil, as the recent increase in production occurred.

Buyers have grown accustomed to dealing with Russian cargo, according to an analyst.

Russian exports to the EU by sea fell by about 440,000 barrels a day from February to March, but have since held steady at around 1.2 million barrels a day. Italy has taken about 400,000 barrels of oil a day, but most of that goes to Central Europe through Trieste.

In May, an average of 600,000 barrels a day of oil flowed from Russia to countries like Hungary, Slovakia, Poland and Germany, according to Kpler.

The Hungarian oil company, MOL, said earlier this month that its profits from refining were rocketing because of the discount on Russian Urals crude. The Hungarian government argues that it has little choice but to rely on Russian oil because of its location.

In the meantime, buyers are likely to stock up on cheap oil. In May, India bought more than one million barrels a day from Russia.