May 20, 2022

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The European Union stops importing Russian oil starting next January. Exemption Slovakia and Hungary

The European Union Commission has set Sixth package European sanctions against Russia. On the main issue, stopping the import of Russian oil, passed a soft version. The plant will be gradual and will not be fully operational until the end of 2022. An exception is expected Hungary and Slovakiawhich is highly dependent on Russian oil and will be able to continue importing it throughout 2023. Slovakiawho cares 74% of the oil is from Russia Which consume and do not have outlets in the sea, which facilitates the diversification of supplies, asked to be exempted from the ban. Budapest, which depends 43% on Russian crude oil, has threatened to veto measures aimed at punishing purchases from Moscow. The text is now passed on to the ambassadors of EU countries who aim to clear the package by the end of this week.

The President of the Council addresses the European Parliament this morning Mario Draghi claim it The state will also support more measures in the energy sector. We have supported EU sanctions Decided to impose on Russia, even those who work in the energy sector. “We will continue to do so with the same conviction in the future,” said Draghi. Other actions in the document can also include the inclusion of the first Russian bank Sberbank In the list of institutions subject to sanctions. Most transactions involving the purchase of energy goods are handled by the bank with Gazprombank. This morning the Russian President Russian President Vladimir Putin He signed a decree on the new Russian measures in response to the sanctions. This was reported by the Russian agency TASS.

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there Russia is the third largest producer in the world of oil after the United States and Saudi Arabia. It extracts about 11 million barrels every day, now down to about 10 million due to lower demand amid uncertainty from the sanctions regime. Most of the production is exported, at current market values, this means raising a figure not far from a billion dollars a day. Before the start of the war forItaly imported from Russia about 13% of the 374 million barrels of oil it consumes each year. With these numbers, it could mean paying in Moscow almost 5 billion euros annually (Indeed, the number is more than sufficient because many supplies are based on long-term contracts, “decoupled” from real-time oil prices, and it is impossible to know their conditions). . import quotas Germany (30% of the total), from the Netherlands (23%), from Belgium (23%). France and Spain are in the same number as Italy.

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