Sharing from Reuters. 31 May 2022
Here is the response by countries and companies regarding purchases of Russian oil since the war in Ukraine started on Feb. 24.
Australia, Britain, Canada and the United States have imposed outright bans on Russian oil purchases, while Group of Seven (G7) nations, including Japan, committed to ban or phase out imports of Russian oil on May 8.
The European Union agreed on May 30 to ban seaborne imports of Russian oil with a phase-in period of six months for crude oil and eight months for refined products.
The ban excludes oil supplied via the Druzhba pipeline thus allowing refineries in Eastern Europe and Germany to continue imports. Poland and Germany, however, said they would phase out all purchases via the pipeline by the end of 2022.
That would in total cover about 90% of Russian oil imports to the EU.
Even before the adoption of the ban, at least 26 major European refiners and trading companies have voluntarily suspended spot purchases or announced plans to phase out a combined 2.1 million barrels per day (bpd) of Russian imports, according to JP Morgan.
Meanwhile, China and India, which have refused to condemn Russia’s actions, are benefiting from discounts on Russian crude. India has received 34 million barrels of discounted Russian oil since Moscow invaded Ukraine, according to Refinitiv Eikon data, and is set to receive about 28 million barrels in June, according to Refinitiv Eikon oil flows
What used to flow into EU is now flowing into India and China!