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 — a cornerstone of the nation’s economy — but it may not do much damage until the restrictions actually kick in.

For now, analysts say, Russian oil production is proving resilient as European buyers and others snap up the opportunity to buy crude at a discount of around $30 a barrel to Brent crude, the international standard.

Kpler, a firm that tracks…