EXPLAINER: What's the impact if Europe cuts off Russian oil?

Europe is struggling to find ways to stop paying Russia $850 million a day for energy and hit the Kremlin's finances over its invasion of Ukraine. Leaders of the 27-member European Union are finding that reversing decades of dependence on Russian oil and natural gas is not a simple matter.

The EU is now discussing sanctions on Russian oil, including a possible boycott. Here is what such a move could mean for people in Europe and the rest of the world:

HOW MUCH DOES EUROPE PAY RUSSIA FOR ENERGY?

Gas and oil are flowing to Europe even as governments denounce the war. The EU sends $450 million a day to Russia for oil and $400 million per day for natural gas, according to calculations by analysts at the Bruegel think tank in Brussels.

That means energy revenue is bolstering the Kremlin's budget, adding to foreign currency reserves even as Western sanctions have targeted Russia's reserves abroad. The Russian government got an average of 43% of its revenue from oil and gas between 2011 and 2020.

HOW MUCH RUSSIAN OIL GOES TO EUROPE?

Europe is the biggest purchaser of Russian crude, receiving 138 million tons in 2020 out of Russia's total exports of 260 million tons — or 53%, according to the BP Statistical Review of World Energy. Europe, which imports almost all of its crude, gets a quarter of its needs from Russia.

Oil is refined into fuel for heating and driving as well as being a raw material for industry.

WHY IS THE FOCUS ON OIL INSTEAD OF NATURAL GAS?

It’s harder to find alternative sources of natural gas because it comes mainly by pipeline. It would be easier to find other sources for oil, which mostly moves by tanker and is traded globally.

Natural gas is off the table for now. Heavy users like Germany say an immediate cutoff could cost jobs, with industrial...