We won’t run out of fuel before the end of the year if we cut off Russian supplies, according to Fuels for Ireland.
The trade group has given the thumbs-up for severing ties with the warring Russians, saying that it won’t hit our reserves this year.
The reassurance followed the announcement from European Commission President, Ursula Von der Leyen, that the EU would be stopping imports of oil from Russia by the end of the year.
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And it comes as Energy Minister, Eamon Ryan, said he believes Ireland would be “least affected” by the Russian oil embargo in any case.
He also said he is strongly in favour of the oil sanctions because he believes “fossil fuels are funding the war.”
The EU has bought over €50million worth of coal, oil and gas from Russia since their invasion of Ukraine began 10 weeks ago.
Fuels for Ireland chief executive, Kevin McPartlan, said: “Since the invasion of Ukraine by Russia, all our members have been working hard to identify alternative supply routes and bolster any existing supply chains which are not linked with Russia.
“We have been working in anticipation of an embargo such as this."
Mr. McPartlan added: “At the moment, we have strong commercial stock levels, and no present concerns about future deliveries.
“There are contingency plans in place, which are regularly reviewed, in relation to the unlikely prospect of interruption to supply alongside the Department of the Environment, Climate and Communications and the National Oil Reserves Agency.
“This is a prudent measure, though not an exceptionally unusual one.
“Our members will continue to work to bolster supply chains and ensure a stable, continuous replenishment of fuel to Irish people despite the challenges posed."
Mr Ryan told reporters on Wednesday afternoon: “we will probably be least affected in Europe (by the Russian oil embargo), we’re the furthest west, we’ve the least amount of oil historically within our stocks.
“We haven’t brought in Russian oil now in several weeks so it won’t have an immediate effect on our supply.
“Prices have creeped up again, I had a look at oil prices this morning and that’s to be expected.
“But I think that it is the right thing to do.
“I think it’s fair as well that the likes of Hungary and Slovakia were given extra time because more than anything else, at the council meeting on Monday, the emergency meeting of energy ministers, and we really, really agreed on this, that we need to be united on this in Europe - and apply stronger sanctions - because what the Russians will be doing is to try and divide us.
“So yes, in solidarity with Ukraine, and yes as one of the 27 (members of the EU), I absolutely think the sanctions, the additional sanctions on oil, are the right things to do.
“We need to stop funding the war, because that’s exactly what those fossil fuel imports are doing.”
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