Sanctions in Europe do not include the purchase of Rosneft or Gazpromneft oil, which are not considered “strictly necessary” to ensure the energy security of EU countries.
The world’s major trading houses plan to reduce Russia’s oil and fuel purchases from May 15. On Wednesday, April 13, Reuters wrote.
According to agency sources, trading companies are halting purchases from Russian energy group Rosneft.
The wording of the EU sanctions does not include oil purchases from Rosneft or Gazpromneft that are not considered “strictly necessary” to ensure Europe’s energy security.
It was noted that traders are now trying to figure out what “strict requirement” means.
Companies are cutting purchases to ensure compliance until May 15, when EU restrictions take effect.
Trafigura, a significant consumer of Russia’s oil, said it was “fully complying with all applicable sanctions and expects trading volumes to decline further until May 15.”
Russia’s oil and gas condensate production is known to have dropped below 10 million bpd on April 12, the lowest level since July 2020, due to sanctions imposed by many countries following Russia’s invasion of Ukraine and the restrictions in logistics hinders trade.
Recall that in March Russia’s oil exports dropped by a quarter. Russia has struggled to sell its oil following the U.S. embargo and tacit boycott in response to the war in Ukraine. According to media reports, today approximately 70% of Russia’s oil supplied for export finds consumers struggling.
It was also reported that in March Russia lost $ 3.6 billion in oil and gas revenues.
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Source: korrespondent
