Exiled Russian economist says Putin will 'laugh' at losses from the EU embargo on Russian oil and won't change course in Ukraine

The EU agreed on Monday to impose an embargo on most Russian oil imports by the end of 2022.

According to The Washington Post, Sergei Aleksashenko, a former deputy chairman of the Russian central bank who now lives in exile in the US, said that the embargo won't affect Putin's plans in Ukraine.

Putin's economic advisors will inform him of the estimated loss from the embargo and he will laugh quietly.

Europe depends on Russia for 40% of its natural gas and 27% of its oil, and it has faced criticism over continued energy purchases as the war in Ukraine rages on.

The EU has been accused of funding Putin's war machine by the Ukrainian government. According to the Center for Research on Energy and Clean Air, the EU has spent over $60 billion on Russian energy since Putin announced the start of his military operation in Ukraine.

The EU's embargo on Russian oil imports was an attempt to address this, but due to opposition from Hungarian Prime Minister Viktor Orbn, a friend of Putin's, the embargo only affects sea shipments. The EU sees the move as a blow to Russia.

The embargo was a landmark decision to cripple Putin's war machine according to the EU's foreign policy chief.

Ursula von der Leyen, president of the European Commission, said on Monday that this would cut oil imports from Russia to the EU by the end of the year.

Russia said it will find other buyers despite the oil embargo.