Around 40% of Community imports came from Russia before the war, but they are confident that the transition period started in June will be sufficient to guarantee supplies.
After coal and crude oil comes diesel. The ban on importing this hydrocarbon and other oil derivatives from Russia enters into force this Sunday in the European Union and is added to the mechanism of sanctions for the invasion of Ukraine that seeks to financially suffocate the Kremlin.
“We anticipate that we will be ready to secure sufficient alternative supplies (…). We successfully went through a similar process with crude oil,” said European Commission Energy spokesman Tim McPhie, referring to the veto on acquisitions. of crude in force since last December, which are added to that of coal in August.
Of the new prohibited derivatives, the biggest challenge is the ban on diesel, the fuel used by nearly half of the cars in the EU and the majority of heavy and maritime transport and machinery.
around the 40% of Community imports came from Russia before the war, but Brussels is confident that the transition period from when the sanctions were announced in June until they are applied in February has been “long enough” to guarantee “alternative supply routes and minimize the impact on world markets for refined products,” adds McPhie.
Until the invasion of Ukraine, the EU had a huge energy dependency on Russia, and Putin has cashed in a year on a historic energy crisis.
European ban on Russian diesel: Will the price of fuel rise at our gas stations?
Moscow has invoiced the EU 140,000 million euros in coal, gas and oil since the war began on February 24, 2022, according to the Center for Research in Energy and Clean Air (CREA), compared to 99,000 million. of 2021.
However, the trend has been changing and in the last quarter of the year, purchases of oil products from the EU to Russia fell to 14.14% of total imports, compared to 25.9% in the first quarter, according to Eurostat data.
“Our measures are hitting the core of the Russian economy,” said the President of the European Commission, Usrula Von der Leyen, on Thursday during a visit to kyiv, who celebrated in particular that the energy revenues that the EU provided to Russia are dwindling in around 160 million euros per day.
In parallel to the sanctions that Western countries apply in their own territories, the EU, the G7 (Germany, Canada, the United States, France, Italy, Japan and the United Kingdom) and Australia have established other measures that seek to hit the energy sector Russian also in the global market.
Since December, this bloc of Ukraine’s allies has applied a cap of $60 per barrel at the price at which its shipping companies can transport Russian crude to third countries.
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