As part of the ongoing restrictions, after the Russian invasion of Ukraine, the European Union is planning a ban on the import of Russian oil products from February 5, 2023. EU has already issued an embargo on seaborne oil imports of Russian oil effective from December 5, except via the Druzhba oil pipeline.
In an interview with TASS, Russia's Vice Prime Minister Alexander Novak said several countries might be exempt from the embargo on supplies of its oil products. Russia will plan to increase the export of crude oil if European Union is planning to ban imports of its fuel products, Novak noted.
EU has been the largest buyer of oil products from Russia until last month. In view of the December 5 ban, Germany and Italy increased their purchase from Russia, and thus European Union remained the largest buyer of Russian oil in the last two months. From October-November Russia exported oil worth $18 billion to countries other than the European Union.
The big question related to the EU and UK's ban on Russian oil and oil products is how these countries would make up the gap in the supply of oil from Russia.
Russia has been persuading other buyers, even offering price discounts, to export their products and thus keep up their oil output.
Russia's Deputy Prime Minister Novak, while talking to the TASS has said, "Europe used to be a key market for the sale of our oil products...so far, we don't know what may substitute for our fuel."
