In the first week of the EU ban, Russia’s crude oil exports did not decrease but increased

A week after the European Union’s ban on Russian oil came into effect, Russia has almost ceased to be a crude oil supplier to Europe, but Russia’s seaborne crude oil exports have not decreased, but have increased slightly. The European Union officially banned the import of Russian crude oil last Monday (December 5), and will ban the import of Russian petroleum products from February 5 next year. At the start of the year, Russia supplied about half of Russia’s crude oil to Europe, but after the EU ban came into force, seaborne shipments of Russian crude to the EU have stopped, except for a small amount of crude destined for Bulgaria. Russian crude oil exports to Europe hit record lows this year, while shipments to Asia hit record highs. | Related reading (Financial Association)

Audrey Jing

The current EU sanctions policy against Russia has finally evolved to the measure of sanctioning Russian oil, which “injures the enemy by one thousand and hurts itself by eight hundred”. With the Russian oil ban and the Russian oil price ceiling mechanism, Europe will no longer be the main export destination of Russian oil.

However, in the context of the energy crisis, oil is still oil after all. Europe prohibits the import of Russian oil, but it cannot stop buyers from other regions. Europe and the United States have no way to prohibit Asian countries from doing oil business with Russia. This may mean at least the sanctions The means seem a bit futile.

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