Two weeks before the EU embargo took effect, Russia had already lost more than 90% of the key European oil market.
Bloomberg writes about it.
In the four weeks to November 18, the Russian Federation sent just 95,000 barrels per day to Rotterdam, the only European destination for seaborne shipments outside the Mediterranean/Black Sea basin. At the beginning of February, the Russian Federation sent more than 1.2 million barrels per day.
Three-quarters of the crude oil loaded into Russiaʼs Baltic ports is now headed for Asia, with Indian refiners buying up barrels to take advantage of the grace period.
- From December 5, an embargo on the supply of almost all oil from Russia will enter into force in the European Union. Only Hungary, Slovakia, and the Czech Republic will retain the temporary right to supply oil from the Russian Federation through the pipeline.
- It is expected that on November 23, the G7 countries will announce the maximum price level for Russian oil.