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Italy increases Russian oil imports as EU agrees upon an embargo

Published

4 years ago

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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.

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LIVE: U.S. and Israel launch war on Iran

U.S. and Israel escalate conflict with Iran, heightening regional war fears for the second time in eight months.

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24 hours ago

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March 4, 2026

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U.S. and Israel escalate conflict with Iran, heightening regional war fears for the second time in eight months.


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U.S. and Israel strike Iran, escalating war fears and risking wider regional conflict for the second time in eight months


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Trump claims Iran military neutralised as Strait Of Hormuz tensions surge

Trump claims Iran’s military largely neutralized; tensions rise with attacks threatening air travel and oil shipping.

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1 day ago

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March 4, 2026

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Trump claims Iran’s military largely neutralized; tensions rise with attacks threatening air travel and oil shipping.


President Trump says Iran’s military capability has been largely neutralised, including its navy and air force, as the conflict in the Middle East intensifies. Iranian attacks have threatened commercial air travel and oil shipping through the Strait of Hormuz, raising fears of wider economic fallout.

The U.S. Embassy in Riyadh has faced two attacks, while Gulf states worked to intercept further Iranian strikes. Officials report six U.S. troops killed and more than 700 deaths inside Iran as the exchange of fire escalates.

With global markets watching closely, the region remains on edge as military and diplomatic tensions show no signs of easing.

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Airlines face disruptions that surpass previous Middle East conflicts

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2 days ago

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March 3, 2026

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What’s happening in the Middle East?

  • Trump says U.S. strikes could last four to five weeks and described the operation as the last best chance to act, while Secretary of State Marco Rubio warns the hardest hits are yet to come
  • Six U.S. service members have been killed, additional American forces are being deployed to the region, and the White House says nine Iranian naval ships have been destroyed
  • Iran says it sees no limit to its right to self defence and will not negotiate, as missile and drone attacks continue across Israel, Lebanon and Gulf states
  • More than 500 Iranians have been killed in U.S. and Israeli strikes, with further deaths reported in Lebanon, Israel and the UAE
  • Shipping, aviation and energy markets have been severely disrupted, more than 11,000 flights have been cancelled, Gulf stock markets have closed temporarily, and oil and gas prices have surged amid Strait of Hormuz fears

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