Italy increases Russian oil imports as EU agrees upon an embargo

Published

4 years ago

June 2, 2022

Whilst countries in the EU have all agreed to reduce oil imports from Russia, Italy has increased them

Originally intending to punish Russia for their invasion of Ukraine, the EU now puts at risk one of Italy’s largest refineries.

Before the war, the Russian-controlled plant located in Sicily processed 15 per cent of Russian crude, which has grown to 100 per cent following the sanctions against Moscow.

The increased import comes as banks refuse to extend credit to the Lukoil-owned refinery, preventing the energy corporation from buying oil from non-Russian sources.

According to Kpler commodity data, the Russian parent continues to send over 400 thousand barrels of crude to the port-side plant every day, four times the amount imported prior to the invasion.

The refinery generates half of the gross domestic product in the Italian province and as EU leaders agree to cut the import of Russian crude by 2023, the plant faces the threat of closure.

As the oil embargo approaches, the region faces great economic consequences.

Samantha Hogan has contributed to this article.

Related Topics:Business Politics russia trending

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