EU to ban seaborne imports of Russian oil

Oil

On 30 May the European Union agreed to ban seaborne imports of Russian oil after reaching a compromise to allow some shipments via pipeline to continue temporarily, according to Reuters. This embargo is set to directly impact 75% of Russian oil imports into the region, with this figure set to rise to around 90% by the end of 2022 as Germany and Poland decrease their reliance on pipeline volumes. The remaining 10% would be temporarily exempt from this ban so that volumes into Hungary, Slovakia and the Czech Republic via the Druzhba pipeline are able to continue. A timeline on how long these pipeline crude supplies will be exempt from the embargo is currently unclear. The ban is set to be imposed via a phase-in period of six months for crude and eight months for refined products, with the terms set to begin once the sanctions are formally implemented.