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2022-05-31 13:05:00

EUROPE BANS RUSSIAN OIL

EUROPE BANS RUSSIAN OIL

PLATTS - 31 May 2022  - EU leaders have agreed to ban Russian oil imports by sea, covering more than two-thirds of Russian crude oil deliveries to the bloc, European Council President Charles Michel said late-May 30.

"The sanctions will immediately impact 75% of Russian oil imports. And by the end of the year, 90% of the Russian oil imported in Europe will be banned," Michel said in a tweet after a summit meeting.

The proposal is expected to hit about 2.3 million b/d of Russian crude imports within six months and another 1.2 million b/d of refined products imports would cease by the end of the year.

"The European Council agrees that the sixth package of sanctions against Russia will cover crude oil, as well as petroleum products, delivered from Russia to Member States, with a temporary exception for crude oil delivered by pipeline," the Council said in a statement.

The Council would "revert to the issue of the temporary exception for crude oil delivered by pipeline as soon as possible," it said.

Poland and Germany have already committed to end importing Russian oil via pipeline by the end of the year, raising the ban coverage to around 90%.

This left about 10% of Russian supply covered by the Druzhba pipeline to Hungary, Slovakia and the Czech Republic, European Commission President Von der Leyen said.

Emergency measures would be introduced to ensure security of supply in the event of sudden interruptions, the Council said.

The Council is meeting in Brussels May 30-31 to discuss the latest developments in relation to Russia's military invasion of Ukraine.

At 0637 GMT May 31, the ICE August Brent futures contract was up $2.33/b (1.98%) from the previous close at $119.93/b while the NYMEX July light sweet crude contract rose $2.95/b (2.56%) from the May 27 close at $118.02/b. US markets were closed May 30 for the Memorial Day holiday.

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Tags: EUROPE, RUSSIA, OIL, PRICE