In 2021, the EU imported €48 billion worth of crude oil and €23 billion of refined oil products from Russia
Brussels, June 4 - Neftegaz.RU.
The European Commission adopted the 6th
package of restrictive measures against Russia.
This package also imposes further sanctions
Together with the previous 5 packages, the new sanctions are unprecedented and designed to further increase economic pressure on Russia.
package contains a complete import ban on all Russian seaborne crude oil and petroleum products.
This covers 90% of the current oil imports from Russia.
The ban is subject to certain transition periods to allow the sector and global markets to adapt, and a temporary exemption for pipeline crude oil to ensure that Russian oil
is phased out in an orderly fashion.
This will allow the EU
to secure alternative supplies and minimises the impact on global oil prices.
The package includes restrictions on chemicals that could be used in manufacturing chemical weapons.
Beyond sanctions, the EU has made it clear that reducing our dependence on energy imports from Russia is an urgent imperative.
The Commission adopted its REPowerEU
Plan on 18 May 2022 to end dependence on Russian fossil fuels
as soon as possible and to tackle the climate crisis.
For seaborne crude oil, spot market transactions and execution of existing contracts will be permitted for 6 months after entry into force, while for petroleum products, these will be permitted for 8 months after entry into force.
Due to its specific geographical exposure, a special temporary derogation until the end of 2024 has been agreed for Bulgaria
which will be able to continue to import crude oil
and petroleum products via maritime transport.
In addition, Croatia
will be able to authorise until the end of 2023 the import of Russian vacuum gas oil which is needed for the functioning of its refinery.
After a wind down period of 6 months, EU operators will be prohibited from insuring and financing the transport, in particular through maritime routes, of oil to 3rd
According to the EC, this will make it particularly difficult for Russia
to continue exporting its crude oil and petroleum products to the rest of the world since EU operators are important providers of such services.