Europe’s ban on Russian crude

Before the invasion of Ukraine, Russia’s seaborne crude exports to Europe averaged more than 1.5 million barrels per day (bpd). Exports have now nosedived to 83,000 bpd, with Bulgaria as the sole destination

Russia's crude oil shipments to Europe (four-week average, barrels per day)

Feb 24, 2022: Russia invades Ukraine

Feb 25: 1.54 million bpd Apr 8: 900,000 bpd

Lithuania, Finland and Estonia cut imports by 50%

Jun 10: 1.28 million bpd
Includes 470,000 b/d to Italy

Nov 4: 800,000 bpd EU announces ban on Russian seaborne crude imports

Dec 5: 220,000 bpd EU ban comes into effect. Bulgaria
has two-year exemption from ban

Northern Europe 
Mediterranean 
Black Sea

             

0.0 0.5 1.0 1.5
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
   2 0 2 2   2 0 2 3


Sources: Bloomberg, Politico, Reuters Picture: AFP via Getty Images © GRAPHIC NEWS