Nations’ responses
Australia, Britain, Canada and the US have imposed outright bans on Russian oil purchases however the 27 members of the European Union haven’t been capable of agree on the embargo.
The bloc is leaning towards a ban on imports of Russian oil by the tip of the yr as a part of a sixth bundle of sanctions towards Russia.
Germany, the EU’s largest economic system, mentioned it could be capable of climate an EU embargo on Russian oil imports by the tip of this yr though a stoppage might end in shortages.
Hungary mentioned it nonetheless opposed any European Union embargo on Russian oil and fuel imports.
Many refiners in Europe, nevertheless, have stopped shopping for Russian crude voluntarily, or promised to take action when their long-term contracts expire.
Main world buying and selling homes are additionally planning to cut back Russian crude and gas purchases from Could 15.
In consequence, Russian diesel exports from the Baltic port of Primorsk, a key provide supply for Europe, have been set to drop by greater than 30% in Could.
China and India, which have refused to sentence Russia’s actions, proceed to purchase Russian crude.
Under are present and former patrons of Russian crude (in alphabetical order):
Present patrons
Bharat Petroleum
Indian state-run refiner Bharat Petroleum Corp Ltd has purchased 2 million barrels of Russian Urals for Could loading from dealer Trafigura, two individuals accustomed to the acquisition mentioned. The corporate recurrently buys Russian Urals for its 310,000 barrels per day (bpd) Kochi refinery in southern India.
Hellenic Petroleum
Greece’s largest oil refiner depends on Russian crude for about 15% of its consumption. The corporate earlier this month secured further provides from Saudi Arabia.
Hindustan Petroleum
India’s state refiner purchased 2 million barrels of Russian Urals for Could loading, in keeping with buying and selling sources final week.
Indian Oil Corp
India’s prime refiner has purchased 6 million barrels of Urals since Feb. 24 and has a provide contract with Rosneft for as much as 15 million barrels of Russian crude in 2022.
Nevertheless, the refiner, which additionally buys crude on behalf of its Chennai Petroleum subsidiary, has excluded a number of high-sulphur crude grades, together with Urals, from its newest tender, in keeping with buying and selling sources.
ISAB
Italy’s largest refinery, owned by Lukoil-controlled Swiss-based Litasco SA, has been compelled to supply almost all of its crude oil from its Russian proprietor as a result of worldwide banks are not offering it with credit score.
The Italian authorities is contemplating non permanent nationalisation of ISAB as considered one of its choices if sanctions are imposed on Russian oil, two authorities sources informed Reuters.
Leuna
The land-locked Leuna refinery in japanese Germany, majority-owned by France’s TotalEnergies, can also be fed Russian crude by the Druzhba pipeline.
Mangalore Refinery and Petrochemicals
The state-run Indian refiner has purchased 1 million barrels of Russian Urals crude for Could loading through a young from a European dealer, a uncommon buy pushed by the low cost provided.
Miro
Russian crude continues to account for about 14% of the consumption at Germany’s largest refinery, Miro, which is 24% owned by Rosneft.
MOL
The Hungarian oil firm, which operates three refineries in Hungary and Slovakia and Croatia, continues to purchase Russian crude through the Druzhba pipeline, in addition to refined merchandise.
The corporate mentioned it could take two to 4 years and price between $500 million and $700 million to switch Russian oil imports in case of a full European embargo.
Nayara Power
The Indian personal refiner, part-owned by Rosneft, has bought Russian oil after a niche of a yr, shopping for about 1.8 million barrels of Urals from Trafigura.
Neftochim Burgas
A Bulgarian refinery, owned by Russia’s Lukoil, and with Russian crude accounting for about 60% of its consumption, continues to refine Russian crude.
PCK Schwedt
Germany’s PCK Schwedt refinery, 54% owned by Rosneft, receives crude oil through the Druzhba pipeline.
Pertamina
Indonesian state power agency PT Pertamina is contemplating shopping for crude oil from Russia because it seeks oil for a newly revamped refinery.
PKN Orlen
Poland’s largest refiner has stopped shopping for Russian crude on the spot market, switching to North Sea oil, however continues to be shopping for Urals beneath beforehand signed contracts which expire by the tip of this yr or later.
The corporate, which operates refineries in Lithuania, Poland and the Czech Republic, noticed its revenue from refining surge in March due to the low cost it pays for Russian oil.
Sinopec
China’s state-run Sinopec, Asia’s largest refiner, is constant to buy Russian crude beneath beforehand signed long-term contracts however is steering clear of latest spot offers.
Former patrons
BP
The British oil main, which is abandoning its stake in Rosneft, is not going to enter new offers with Russian entities for loading at Russian ports, until “important for guaranteeing safety of provides”.
ENEOS
Japan’s largest refiner has stopped shopping for crude oil from Russia, whereas some cargoes signed beneath earlier agreements will arrive in Japan till round April. The corporate plans to supply different provides from the Center East.
Eni
The power group, 30.3% owned by the Italian authorities, is suspending purchases of Russian oil.
No Russian crude will probably be used at Germany’s Bayernoil refinery, through which Eni and Rosneft have stakes.
Equinor
Norway’s majority state-owned power agency has stopped buying and selling Russian oil because it winds down its operations within the nation.
Galp
The Portuguese oil and fuel firm has suspended all new purchases of petroleum merchandise from Russia or Russian corporations.
Glencore
The worldwide mining and buying and selling agency, which holds a 0.57% stake in Rosneft, mentioned it could proceed to honour its obligations beneath beforehand signed contracts, however would “not enter into any new buying and selling enterprise in respect of Russian origin commodities until directed by the related authorities authorities”.
Neste
The Finnish refiner has not purchased Russian crude oil on the spot market for the reason that begin of the battle and isn’t planning to signal new offers when the present long-term provide contract ends in July. From the beginning of April, the refiner has changed about 85% of the Russian crude oil with different crudes.
OMV Petrom
Romania’s prime oil and fuel agency, managed by Austria’s OMV has mentioned it was getting ready to wean itself off Russian crude imports, which account to about 30% of its Petrobrazi refinery’s annual wants.
Preem
Sweden’s largest refiner, owned by Saudi billionaire Mohammed Hussein al-Amoudi, has “paused” new orders of Russian crude, which accounted for about 7% of its purchases, changing them with North Sea barrels.
Repsol
The Spanish firm has stopped shopping for Russian crude oil within the spot market.
Shell
The world’s largest petroleum dealer has stopped shopping for Russian crude and on April 27 mentioned it could not settle for refined merchandise with any Russian content material, together with blended fuels.
Trafigura
The Geneva-based world commodities dealer plans to cease all purchases of crude oil from Rosneft by Could 15 when tighter EU guidelines on Russian oil gross sales come into impact, and “considerably” cut back quantity of refined merchandise it buys from Rosneft.
Complete Energies
The French oil companyhas mentioned it could not enter into or renew the present contracts to purchase Russian crude oil and petroleum merchandise, with the goal of halting all purchases by the tip of 2022.
The contracts primarily cowl provides for its Leuna refinery in japanese Germany, which will get Russian crude through the Druzhba pipeline, in addition to Europe’s gasoil provide.
VARO Power
The Swiss refiner, which owns 51.4% in Germany’s Bayernoil refinery, has mentioned it doesn’t plan to enter into new offers to purchase Russian crude.
Supply: Live Mint