The European Commission is seeking to phase out supplies of Russian crude oil within six months and refined products by the end of 2022. Under the proposal, Hungary and Slovakia could be granted a longer period to adapt to the embargo, until the end of 2023.
European Commission President Ursula von der Leyen has announced that EU countries have been banned from buying Russian oil after the end of 2022. EU members Hungary and Slovakia will be able to continue buying Russian crude oil until the end of 2023.
State-owned Chinese companies, led by Sinopec and Zhenhua, are set to buy two thirds of Russia's flagship Far Eastern export grade ESPO (Eastern Siberia–Pacific Ocean oil pipeline) blend in May, up from a third before the invasion of Ukraine, traders who closely monitor the flows told Reuters.
Slovakia and Hungary - who will be given an extra year to find alternative suppliers - received 96% and 58% of their oil imports respectively from Russia last year, according to the International Energy Agency (IEA). Russia accounted for just 8% of UK oil imports in 2020 and 3% of US oil imports last year.
The European Union is debating an embargo on Russian crude oil and petroleum products, as well as restrictions on the shipping of oil and products from Russia. If approved, the ban will likely include a longer phase-in period for some countries, and Russia will be able to divert some volumes to Asia.
The UK is not dependent on Russian natural gas, making up less than 4% of our supply.
Russian gas major, Gazprom, is pushing ahead to build a 50 billion cubic meter gas pipeline to China amid economic sanctions imposed by Western countries, Business Insider reported. Gas and oil exports made up a major part of Russia's economy with European countries being major clients.
Reliance on Russian fossil fuels
In 2021 imports from Russia made up 4% of gas used in the UK, 9% of oil and 27% of coal. In 2021, imports of gas, oil and coal from Russian to the UK were worth a combined £4.5 billion.
Saudi Arabia and Russia have been neck-and-neck as China's top sources of oil in recent years.
India -- which imports more than 85% of its oil -- is among the few remaining buyers of Russian crude, a key source of revenue for Vladimir Putin's regime.
April 27 (Reuters) - Shell (SHEL. L) on Wednesday tightened its restrictions on buying Russian oil, saying it would no longer accept refined products with any Russian content, including blended fuels.
The world's largest petroleum trader will stop buying Russian crude and phase out its involvement in all Russian hydrocarbons. The French company has stopped buying oil from Russia, although one of its land-locked refineries in Germany continues to receive Russian crude by pipeline.
The British and Norwegian sectors hold most of the large oil reserves. It is estimated that the Norwegian sector alone contains 54% of the sea's oil reserves and 45% of its gas reserves. More than half of the North Sea oil reserves have been extracted, according to official sources in both Norway and the UK.
The largest importers of Russian gas in the European Union are Germany and Italy, accounting together for almost half of the EU's gas imports from Russia. Other larger Russian gas importers in the European Union are France, Hungary, the Czech Republic, Poland, Austria and Slovakia.
The UK imported £5.2 billion of fuel from Russia in 2021 which accounted for 9.7% of all fuel imported. The highest value goods import from Russia in 2021 was refined oil (£3.0 billion); Russia is the UK's largest supplier of refined oil, accounting for 24.1% of all imports of this commodity.
Nevertheless, China and Russia currently enjoy the best relations they have had since the late 1950s. Although they have no formal alliance, the two countries do have an informal agreement to coordinate diplomatic and economic moves, and build up an alliance against the United States.
As the engines of the continent's overall economy, Germany, Italy and France are the biggest EU buyers of Russian gas, which they not only use to generate electricity and heat, but also to power their manufacturing industries.
Siberia, Russian Sibir, vast region of Russia and northern Kazakhstan, constituting all of northern Asia. Siberia extends from the Ural Mountains in the west to the Pacific Ocean in the east and southward from the Arctic Ocean to the hills of north-central Kazakhstan and the borders of Mongolia and China.
About half of the UK's gas comes from the North Sea, and a third is sourced from Norway. The rest is made up of imports of liquefied natural gas (LNG) transported to the UK by sea from countries such as Qatar and the US. The Russian gas that the UK receives also comes in LNG form.
Russia produced an average of 10.83 million barrels (1,722,000 m3) of oil per day in December 2015. It produces 12% of the world's oil and has a similar share of global oil exports. In June 2006, Russian crude oil and condensate production reached the post-Soviet maximum of 9.7 million barrels (1,540,000 m3) per day.
Russia has earned more than $12 billion from oil exports since its invasion of Ukraine, according to the Centre for Research on Energy and Clean Air, an international research group. A month into the U.S.-led sanctions, the flow of Russian petroleum to the world, as well as the revenues from it, remains strong.
China imported more crude in April, likely on the back of increased tanker supply from Russia. The nation received 43.03 million tons of crude last month, or 10.51 million barrels a day, according to Bloomberg calculations based on data from the General Administration of Customs.
Europe is heavily dependent on Russia for its oil and gas. In 2021, two-fifths of the gas Europeans burned came from Russia. And over a quarter of the EU's imported crude oil comes from Russia.