Europe says “Nyet” to Russia’s oil

European imports for Russia’s seaborne crude oil are drying up as sanctions draw near, and flows to Russia’s big three buyers – China, India and Turkey – are down by 18.8 percent
  

Russia’s seaborne crude shipments (four-week average, million bpd)

China	India	Turkey	Europe	Rest of world

Jan 28: 2.82m bpd. European pre-war average of 1.20m (58% of total)

Feb 24: Russia invades Ukraine

Apr 29: Peak of 3.55m 
Europe imports fall to 510,000 bpd

May 27: China, India, Turkey imports peak at 2.29m bpd

Sep 30: China, India, Turkey imports fall to 1.86m bpd

Sep 30: Europe imports fall to 190,000 bpd – down 84.2% on pre-war levels
Dec 5: EU ban on all Russian seaborne oil


3.0 
2.5 
2.0 
1.5 
1.0
0.0                                                                                                                                                                                                                                Feb Mar Apr May Jun Jul Aug Sep


Sources: Bloomberg, Energy Intelligence Group 
Pictures: Getty Images 
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