MOSCOW: Russian oil exports fell by 11% for Dec. 1-20 compared to the previous month, after the European Union’s embargo on Russian oil came into force, the Kommersant daily reported on Wednesday, citing unidentified sources familiar with the situation.
Russia’s exports to non-CIS countries - covering both pipeline and sea-borne shipments - totalled around 560,000 tonnes per day during the period, Kommersant reported.
The EU’s embargo on Russian oil purchases came into effect on Dec. 5 in a move Brussels says will cut the bloc’s imports of Russian oil by 90%.
Before Russia sent tens of thousands of troops into Ukraine in February, Europe bought around half of all Russia’s oil exports.
Moscow, which calls its action in Ukraine “a special military operation”, has rapidly shifted its energy trade eastwards this year, selling record volumes to countries like India and China.
The Kremlin hopes sustained demand from countries in Asia can compensate for lost supplies to Russia’s traditional European customers.
Asia’s spot fuel oil market firms
The EU, the G7 and Australia have also imposed a price cap on Russian oil to further thwart Moscow’s key source of revenue, banning firms from providing insurance or logistics for Russian sea-borne oil shipments where the price paid is above $60 a barrel.
Russia has promised retaliatory measures that could include a ban on selling oil to any company that complies with the oil price cap.
Comments
Comments are closed for this article.