Sweeping bans lead to 90% drop in EU imports of Russian oil.

1 min read
Source: Euronews
Sweeping bans lead to 90% drop in EU imports of Russian oil.
Photo: Euronews
TL;DR Summary

The European Union's imports of Russian oil have dropped by 90% in one year due to sweeping bans imposed in response to the Ukraine war. The gap left by Russia has been filled by countries such as the United States, Norway, Algeria, Brazil, Angola, and the United Arab Emirates. The ban applied to both seaborne crude oil and seaborne refined products and entered into force in December 2022 and February 2023, respectively. The majority of Russian crude oil went to Hungary, Slovakia, and the Czech Republic through the Druzhba pipeline, which was exempted from the ban. Only five EU member states were below the national minimum level of emergency oil stocks as of March 2023.

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