South Korea slashes Russian oil
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South Korea is sharply reducing crude oil imports from Russia, with shipments from the OPEC+ producer plunging by more than 40 percent in the year to March
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Crude oil imports from Russia (million barrels/month)

Millions 
8
6
4 
0
 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

Nov 2021: Ukraine reports build-up of 92,000 Russian troops near its borders

Feb 2022: Ukraine invasion – U.S. and Europe hit Russia with financial sanctions

8.09
5.20
5.29
4.40
2.85
5.10
4.00
3.65
2.98

Mar: Russian crude imports tumble 43.7% year-on-year

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2021    2022

United States 11.68
Iraq 6.35
Kazakhstan 5.27
United Arab Emirates 4.43
Brazil 3.53 
Russia 2.98 
Others 8.94
Kuwait 12.78
Saudi Arabia 29.60

Total
85.56 million barrels

South Korea oil imports
(March 2022, million barrels)
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Sources: Korea National Oil Corp., Reuters, S&P Global Picture: Getty Images © GRAPHIC NEWS