Russian Oil Import Ban

The European Union ban on imports of Russia's seaborne oil from Dec5 has driven Moscow to seek alternative markets, mainly in Asia, for about 1 million barrels per day.

EU Council President Charles Michel said, the European Union leaders agreed on Monday to ban the export of Russian oil to the 27-nation bloc.

European Union leaders are set to agree in principle to ban oil imports from Russia at a summit in Brussels

EU leaders have reached an agreement "in principle" on banning oil imports from Russia, European Commission chief Ursula von der Leyen said early on Tuesday.

Russian importers are reaching out to small Indian businesses to secure fresh produce, auto parts, medical devices and other key goods that are growing scarce due to international sanctions, people familiar with the matter in both Russia and India said.

France's new foreign minister said she was optimistic that those still opposed to a new European Union sanctions package that would phase out Russian oil imports to the bloc could be convinced and that the bloc would reach a deal.

India defended its continued purchases of Russian oil saying they were part of its long-standing effort to diversify its supplies and arguing a sudden halt to imports would jack up world prices and hurt its consumers.

European Union leaders agreed to ban most imports of Russian oil to the 27-nation bloc as Ukrainian and Russian forces battled on the outskirts of Sievierodonetsk, the last city still held by Kyiv in Ukraine's strategic Luhansk province.

Two thirds of the Russian oil imported by the EU comes via tanker and one third by the Druzhba pipeline. The embargo on seaborne oil imports would therefore apply to 2/3 of all oil imported from Russia.

The case arose when Greece in April impounded the Iranian-flagged Lana, formerly Pegas, with 19 Russian crew members on board, near the island of Evia due to European Union sanctions.

China's imports of oil from Moscow in May have risen 55 per cent year on year, making it the biggest Russian oil importer amid sanctions over the Ukraine war, Al Jazeera reported.

The United States and Europe have already imposed a raft of measures targeting Russia's oil exports, the lifeblood of its economy and its war machine, including export controls, a U.S. ban on Russian energy imports, a partial EU ban on energy imports.

The United States on Tuesday hailed a European Union decision to scale back Russian oil imports and called for long-term efforts to further reduce dependence on Moscow.

Two thirds of the Russian oil imported by the EU comes via tanker and one third by the Druzhba pipeline. The embargo on seaborne oil imports would therefore apply to 2/3 of all oil imported from Russia.

The ban on seaborne imports of Russian oil will be imposed with a phase-in period of six months for crude oil and eight months for refined products, a European Commission spokesperson said.

The European Union ban on imports of Russia's seaborne oil from Dec5 has driven Moscow to seek alternative markets, mainly in Asia, for about 1 million barrels per day.

EU Council President Charles Michel said, the European Union leaders agreed on Monday to ban the export of Russian oil to the 27-nation bloc.

European Union leaders are set to agree in principle to ban oil imports from Russia at a summit in Brussels

EU leaders have reached an agreement "in principle" on banning oil imports from Russia, European Commission chief Ursula von der Leyen said early on Tuesday.

Russian importers are reaching out to small Indian businesses to secure fresh produce, auto parts, medical devices and other key goods that are growing scarce due to international sanctions, people familiar with the matter in both Russia and India said.

France's new foreign minister said she was optimistic that those still opposed to a new European Union sanctions package that would phase out Russian oil imports to the bloc could be convinced and that the bloc would reach a deal.

India defended its continued purchases of Russian oil saying they were part of its long-standing effort to diversify its supplies and arguing a sudden halt to imports would jack up world prices and hurt its consumers.

European Union leaders agreed to ban most imports of Russian oil to the 27-nation bloc as Ukrainian and Russian forces battled on the outskirts of Sievierodonetsk, the last city still held by Kyiv in Ukraine's strategic Luhansk province.

Two thirds of the Russian oil imported by the EU comes via tanker and one third by the Druzhba pipeline. The embargo on seaborne oil imports would therefore apply to 2/3 of all oil imported from Russia.

The case arose when Greece in April impounded the Iranian-flagged Lana, formerly Pegas, with 19 Russian crew members on board, near the island of Evia due to European Union sanctions.

China's imports of oil from Moscow in May have risen 55 per cent year on year, making it the biggest Russian oil importer amid sanctions over the Ukraine war, Al Jazeera reported.

The United States and Europe have already imposed a raft of measures targeting Russia's oil exports, the lifeblood of its economy and its war machine, including export controls, a U.S. ban on Russian energy imports, a partial EU ban on energy imports.

The United States on Tuesday hailed a European Union decision to scale back Russian oil imports and called for long-term efforts to further reduce dependence on Moscow.

Two thirds of the Russian oil imported by the EU comes via tanker and one third by the Druzhba pipeline. The embargo on seaborne oil imports would therefore apply to 2/3 of all oil imported from Russia.

The ban on seaborne imports of Russian oil will be imposed with a phase-in period of six months for crude oil and eight months for refined products, a European Commission spokesperson said.