Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Turkey carried out air strikes in northern Iraq and destroyed 20 PKK targets: Turkish MoD
Al Mayadeen's correspondent: Turkish warplanes carry out an air strike that targeted the Matin area in Dohuk, northern Iraq
Israeli media: The settlers wrote the word “revenge” in the site and uprooted dozens of olive trees
Israeli media: Settlers set ablaze a farm in the town of Deir Dibwan in the West Bank
Kurdistan Workers' Party (PKK) claims responsibility for Ankara attack
British Defense Minister Grant Shapps: We are deploying RAF Typhoons to Poland
British Defense Minister Grant Shapps announces a 4 billion pound ($4.9 billion) deal to build attack submarines
Turkish President Recep Tayyip Erdogan: We have waited 60 years at the doorstep of the European Union. We are no longer waiting.
Al Mayadeen correspondent: One civilian martyred, another injured by Saudi Arabia's armed forces in Saada, Yemen.
The Turkish authorities have banned media from broadcasting at the scene of an attempted terrorist attack that hit the capital near Parliament earlier.

EU still largest importer of Russian oil despite sanctions: Report

  • By Al Mayadeen English
  • Source: Agencies
  • 19 Apr 2023 15:25
  • 2 Shares
  • x

New data shows that due to a loophole in sanctions, the EU is still the largest importer of Russian fossil fuel energy.

  • EU still largest importer of Russian oil
    The logo of Lukoil at a gas station in Saint Petersburg, Russia on May 25, 2022. (Reuters)

According to recent data, the European Union remains the top importer of Russian fossil fuel energy, despite the EU leading in the implementation of the most stringent sanctions against Moscow.

The EU is the greatest importer since it continues to acquire a record volume of crude products from Russia's primary customers.

The Center for Research on Energy and Clean Air (CREA) identified what it called five "laundromat" nations that sell Russian crude to the EU, which are China, India, Turkey, the United Arab Emirates, and Singapore.

To crack down on Russian crude oil and oil products, the EU, Group of Seven (G7) nations, and Australia have joined the US in implementing some of the harshest anti-Russia sanctions, including a ban on most oil exports to Europe and a price cap on Russian crude.

Another set of sanctions, in which the EU embargoed refined items like diesel and gasoline, went into force in February of this year.

However, these imports have expanded "by leaps and bounds" from "laundromat" nations, who have all become the leading importers of Russian crude since the start of the war, the research explained.

Read more: EU price cap on Russian oil creating chaos in maritime transport

Related News

Parties to Afghanistan talks in Russia admit lack of progress

Libya's Haftar meets with Putin, Shoigu in Moscow

The report highlighted that the EU, G7 nations, and Australia have imported a total of €42 billion (£37 billion) in oil products from "laundromat" countries in the year after the start of the Ukraine war.

It noted that the EU's oil imports totaled €7.7 billion (£6.7 billion) in the year following the war, placing it at the top of Russian oil importers

According to Lauri Myllyvirta, co-author of the paper and co-founder and principal analyst at CREA, the imports mitigate the impact of the sanctions on Russia.

Myllyvirta pointed out that “increasing the imports of oil products from the main importers of Russian crude oil undermines the oil sanctions against Russia."

He told The Independent that the EU and G7 have "failed to lower the price cap to a level that would truly deny Russia excess profits from oil exports," noting that the situation highlights the dependency on oil and the lack of action to reduce oil demand by the EU and G7.

Imports of Russian crude oil by the five Asian and Middle Eastern nations increased by more than 140% in volume compared to the year before the conflict, with the total value of imports increasing to €74.8 billion (£66 billion).

According to the research, the oil-sanctioning nations were responsible for the great bulk of the growth in "laundromat" countries' oil exports during the war. Their exports to the West had surged by 80% in value and 26% in volume.

The price-cap alliance nations raised their imports of refined oil from China by 93%, India by 2%, Turkey by 43%, the UAE by 23%, and Singapore by 33%.

  • Moscow
  • Europe
  • Russia
  • Sanctions on Russia
  • EU
  • Fossil Fuels
  • European Union
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

Most Read

BBC from the front lines in Ukraine: It's bad, counteroffensive failed

BBC from the front lines in Ukraine: It's bad, counteroffensive failed

  • Europe
  • 28 Sep 2023
Zelensky joins Canadian Parliament’s ovation to WWII Nazi soldier

Zelensky joins Canadian Parliament’s ovation to WWII Nazi soldier

  • US & Canada
  • 25 Sep 2023
Who Would Ally with the West: ‘It’s Boring – The Real Excitement is in Asia’

Who Would Ally with the West: ‘It’s Boring – The Real Excitement is in Asia’

  • Analysis
  • 30 Sep 2023
US President Joe Biden and Ukrainian President Volodymyr Zelensky

'Not 1 more cent': Americans are done with funding Ukraine's paychecks

  • Europe
  • 30 Sep 2023

Coverage

All
Morocco & Libya Disasters

Read Next

All
tusk
Europe

Polish opposition leader Donald Tusk leads million-man rally in Warsaw

Eastern Libyan authorities postpone reconstruction meeting for Derna.
MENA

Libyan authorities postpone reconstruction conference for Derna

Saudi Arabia to record fiscal deficit in 2023, blaming falling oil revenues.
MENA

Saudi Arabia to record fiscal deficit in 2023; oil revenues to blame

McCarthy
US & Canada

Leading hardline Republican says will move to oust McCarthy

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS