EU ban on imports of Russian oil products comes into force

WORLD – ECONOMY

The European Union (EU) bans imports of Russian oil products, including gasoline and diesel fuel, enter into force on Sunday, the Latvian portal NRA reported.

The embargo on oil product imports is aimed at reducing Russia’s revenues from energy trade, reducing Moscow’s ability to finance its war against Ukraine.

EU ban on imports of Russian oil products comes into force

According to the latest data from Eurostat, the EU’s statistical agency, Russian exports of oil products to the EU amounted to €2.3 billion in October.

In Germany alone, imports of Russian petroleum products amounted to €558m.

An embargo on petroleum product imports was decided in June as part of the sixth EU sanctions package. However, exceptions were made for some member states.

A ban on imports of Russian crude oil transported by sea already took effect on 5 December.

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