EU ramps up Russian oil imports as embargo looms – data

Aug 13, 2022 | BUSINESS

Purchases grew 0.4% from May to June, RBC reports, as European nations brace for tough restrictions

European countries increased imports of oil and oil products from Russia in June, compared with the previous month, RBC news outlet reported on Thursday, citing preliminary Eurostat data. The increase came after EU governments approved an embargo on Russian crude, due to take effect by early 2023.

Statistics showed EU states imported about 7.3 million tons of Russian petroleum, which is 0.4% more than in May. Imports of oil products from Russia in June increased by 9.7% compared to the previous month, to 2.65 million tons.

Total imports of Russian oil and petrochemicals by EU countries in June jumped by 2.7% from the May level, Eurostat data indicates.

However, the total supply of Russian fossil fuels to Europe has declined amid Western sanctions. In June 2022, oil exports from Russia to the EU were 7% lower than during the same month last year, while sales of oil products plunged by 24%.

READ MORE: EU eases sanctions on Russian oil exports

As part of a sixth sanctions package introduced in June, the EU imposed a partial embargo on Russian oil, banning sea shipments to the region and prohibiting European companies from insuring and reinsuring sea transport of Russian oil and refined products to countries outside the European Union.

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