According to Eurostat, Russian crude oil imports to Europe have substantially declined over the past two years to 2.3% from 29.2%. Gas imports have also decreased to 12.9% in June this year from 38.5% in 2021, while coal supplies have dropped to zero from the previous value of 45%. In 2021, Russia was the main supplier of petroleum oils to the EU. After Russia’s conflict with Ukraine, the European Union implemented several packages of sanctions, including the restriction on oil and gas imports from Russia. The sharpest drop in crude supplies was observed in the third and fourth quarters of 2022. In late June 2023, Russian crude imports fell to 2.3%. As Russia’s share in the European energy market decreased, other countries ramped up their crude exports to the EU. As of 2023, both Saudi Arabia and Norway have expanded their share in the European oil and petroleum products supply, reaching 11%. The United States is now the biggest supplier of crude oil to the European Union, with a strong market share of 13%. Notably, imports of natural gas from Russia considerably increased between January 2021 and March 2022 as prices accelerated. The report notes that after EU sanctions came into effect, the supply of natural gas from Russia was steadily falling, with a significant drop from April to June 2022. In the second quarter of 2023, the US accounted for 24% of gas imports to Europe. Gas supplies from Algeria (18%), the UK (15%), and Norway (10%) also went up.
