From May 15, Europe limits purchases of Russian crude to “strictly necessary” operations.
Unlike the United States or the United Kingdom, the European Union did not ban imports of Russian oil in response to Moscow’s invasion of Ukraine. Member countries, such as Germany, are indeed very dependent on Russian crude oil, which accounts for a quarter of EU oil imports.
However, article “5 bis bis” of a European Union regulation will change the situation. From May 15, it prohibits transactions with Russian public companies, including the energy groups Rosneft and Gazprom Neft. Exceptions are accepted if the envisaged operations turn out to be “strictly necessaryto the purchase of fossil fuels (gas, oil and coal) and thus contribute to Europe’s critical energy supply.
Read also Energy: can Europe really do without Russian oil?
This wording causes concern among oil traders. “The ecosystem of traders seems to question the “strictly necessary” nature of hydrocarbon trading activities as opposed to direct sales…
This article is for subscribers only. You have 72% left to discover.
Cultivating your freedom is cultivating your curiosity.
Keep reading your article for 1€ the first month
Already subscribed? Login