According to Deputy Prime Minister Alexander Novak, Russian oil exports grew by 12% in the first five months of 2022, as demand persists, despite Western sanctions reducing oil exports to Europe.
He added that the increase is linked to lower refining volumes and the reconfiguration of refineries in Russia.
Sanctions against Russia include a US oil import ban and the EU gradually introducing an embargo on most oil imports. This will lead to a drop of 2.3 million b/d of Russian crude imports, and 1.2 million b/d of product imports to Europe in eight months.
From April 1, Russian countersanctions include a stipulation that European consumers should now use a ruble payment mechanism to purchase Russian gas. Several countries have been cut off for refusal to comply with the new rules.
Tags: Exports, FossilFuel, Russia, Sacnctions
Recent Posts
K Line signs B100 biofuel supply contract World Fuel services
Genevos joins H2-SEAS consortium in hydrogen project
Mitsui invests to support sustainable shipping
Chinese biofuel makers investing in SAF to cut emissions
Researchers find liquid lithium more efficient than hydrogen
Reliance eyes to access to PSU oil companies’ ATF pipeline
Hanaria ship powered by hydrogen and biodiesel passes certification
IAEA head calls for a roadmap for nuclear energy