Mon, 29 May 2023

Crude exports to the bloc from Europe's largest country have plummeted due to Western sanctions, data shows

The US has become the top oil exporter to the EU, replacing Russia, Eurostat reported on Tuesday.

Russian supplies to the region shrank from 31% in January 2022 to just 4% in December, according to the data. US exports during the same period jumped from 13% to 18%.

EU countries slashed imports of Russian crude following the launch of Moscow's military operation in Ukraine, causing an upheaval in the bloc's energy supplies and on the global market.

In December, Brussels imposed an embargo on seaborne Russian crude along with a $60 price cap on oil exports as part of the sixth package of Ukraine-related sanctions imposed on Moscow. It was followed by a ban on EU imports of petroleum products originating from Russia that went into force in February.

Meanwhile, Russia says it has completely redirected all of its oil exports from "unfriendly states" to new markets, with supplies now destined for Asia, Africa, Latin America, and the Middle East.

For more stories on economy & finance visit RT's business section


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