The EU ban on Russian oil imports could happen by the end of the year.
Any moves to impose a total ban on oil imports from Russia could have a significant impact on the Irish economy.
That's according to Economist Jim Power, who says it would adversely affect Ireland's fuel supply.
The EU want the importation of Russian oil halted by the end of the year.
It's part of new sanctions on the Russian Federation over its invasion of Ukraine.
A key clause from the draft legal text of the latest package of sanctions. The EU is seeking to go beyond an import ban on Russian oil by targeting Moscow’s ability to sell *anywhere in the world*. pic.twitter.com/cNLKvAqTtY
— Nikos Chrysoloras (@nchrysoloras) May 4, 2022
Power says the prospect of queues outside petrol stations could become a reality soon.
He says it could potentially lead to scenes not witnessed since the 1970s when it comes to queues.
"Queuing and rationing of gas, of fuel for cars, of diesel for commercial vehicles etc could become a very real possibility."
"The other thing that this crisis highlights to us is the absolute imperative to push the alternative energy agenda as quickly as possible."