Monday, 15 August, 2022
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EU buying more Russian oil

EU buying more Russian oil

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Europe has increased the amount of crude oil it is importing from Russia, Bloomberg reported this week. That’s despite an EU embargo agreed less than a month ago.

Oil refineries on the continent purchased 1.84 million barrels a day of Russian crude last week, Bloomberg reported, citing tanker tracking data, adding that it was the third consecutive weekly increase and the highest level that Europe, including Turkey, received in almost two months.

The increases have been attributed to Litasco SA, the trading arm of Russia’s Lukoil, transporting the barrels to its refineries in Italy, Romania, and Bulgaria, and purchases by Turkey.

The EU approved a partial ban on Russian oil last month, pledging to block 90% of all imports by next year. The bloc-wide ban targets crude that arrives by sea but leaves some exemptions for pipeline imports.

According to Bloomberg, some companies and countries have already stepped back, leaving the market to others who are happy to continue to buy Russian crude that is being offered at huge discounts.