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List of countries buying Russian Oil after US sanctions

Following Moscow’s invasion of Ukraine, Australia, the United Kingdom, Canada, and the United States have imposed outright sanctions on Russian oil sales, but the European Union’s 27 members remain divided.

Poland and the Baltic states support the limitations, but Germany has warned against actions that could raise energy prices and trigger an economic downturn, and Hungary is opposed.

An EU embargo would need to be approved by all 27 member states unanimously.

While political discussions continue, many European consumers are voluntarily avoiding Russian oil in order to avoid reputational harm or legal trouble.

Germany has already reduced its reliance on Russian energy supplies, with Russian oil accounting for 25% of total imports, down from 35% prior to the invasion, according to Economy Minister Robert Habeck on Friday.

According to Der Spiegel magazine, Germany’s finance ministry wants the country’s reliance on Russian oil to be cut in half by the summer.

Analysts believe that India and China, which have declined to condemn Russia’s invasion of Ukraine, could increase refined product output in the short and medium term, purchasing more Russian barrels.

The following are some of the largest buyers of Russian crude:

BURGAS, NEFTOCHIM

Bulgarian refinery, controlled by Russia’s Lukoil (LKOH.MM), continues to refine Russian crude, with Russian crude accounting for roughly 60% of total intake.

MIRO

Russian oil continues to account for approximately 14 percent of the intake at Miro, Germany’s largest refinery, which is controlled 24 percent by Rosneft.

SCHWEDT, PCK

The Druzhba pipeline transports crude oil to Germany’s refinery, which is 54 percent controlled by Rosneft.

LEUNA

The Druzhba pipeline also supplies Russian crude to the landlocked Leuna refinery in eastern Germany, which is majority-owned by TotalEnergies (TTEF.PA).

PETROLEUM OF HELLENIC ORIGIN (HEPr.AT)

The country’s largest oil refiner gets around 15% of its crude from Russia. Earlier last month, the business obtained further supplies from Saudi Arabia.

ISAB

Lukoil-controlled (LKOH.MM) Swiss-based Litasco SA owns Italy’s largest refinery, which processes both Russian and non-Russian crudes.

Laughter (MOLB.BU)

The Druzhba pipeline continues to supply the Hungarian oil business, which operates three refineries in Croatia, Hungary, and Slovakia. Sanctions on Russian oil and gas are opposed by Hungary.

REFINERY OF ZEELAND

The Dutch refinery, which is 45 percent owned by Lukoil, has refused to comment on whether it uses Russian crude oil.

REFINERY ROTTERDAM

Exxon Mobil (XOM.N) declined to comment on whether its Rotterdam refinery used Russian crude oil.

PETROLEUM HINDUSTAN (HPCL.NS),

According to trading sources last week, India’s state refiner purchased 2 million barrels of Russian Urals for May loading.

NDIAN OIL CORPORATION (IOC.NS)

According to trade sources, India’s biggest refiner purchased 3 million barrels of Urals from Vitol on March 23 for delivery in May. This is the IOC’s second purchase of Urals since Russia invaded Ukraine on February 24.

NAYARA ENERGY CO., LTD.

After a year’s wait, an Indian private refiner, part-owned by Russia’s Rosneft, has purchased Russian oil through trader Trafigura, purchasing approximately 1.8 million barrels of Urals.

Those who have ceased buying Russian oil are listed below:

BP (British Petroleum) (BP.L)

The British oil firm, which is selling its investment in Rosneft, will not enter into new agreements with Russian entities for loading at Russian ports unless they are “necessary for ensuring supply security.”

ENEOS

Japan’s largest refiner (5020.T) has ceased purchasing crude oil from Russia, however certain cargoes contracted under earlier agreements will not arrive in Japan until early April.

ENI (ENI.MI)

The Italian government owns 30.3 percent of the energy group, which has suspended purchases of Russian oil.

There will be no usage of Russian crude in Germany’s Bayernoil refinery, in which Eni and Rosneft have stakes.

EQUINORMOUS (EQNR.OL)

Norway’s majority state-owned energy firm has ceased dealing in Russian oil as it prepares to exit the country. more info

GALP is an abbreviation for General Authority (GALP.LS)

All new purchases of petroleum products from Russia or Russian enterprises have been halted by the Portuguese oil and gas corporation.

RESOLUTION (REP.MC)

The Spanish firm has ceased purchasing Russian crude oil on the spot market.

SHELL’S (SHEL.L)

The world’s largest petroleum dealer will no longer buy Russian oil and will withdraw from all Russian hydrocarbons.

TOTALENERGIES

The French oil company (TTEF.PA) has stated that it would not sign new contracts and will cease purchasing Russian crude oil and petroleum products by the end of this year.

ENERGY VAROVAROVAROVAROVAROVAROVAROVA

The Swiss refiner, which owns 51.4 percent of Germany’s Bayernoil refinery, stated that it does not intend to sign into new contracts to purchase Russian crude.

NESTE (NESTE.HE)

The Finnish refiner has Russian oil contracts till the end of the year, but no new supply deals are being signed. more info

Orlen PKN (PKN.WA)

According to the firm, Poland’s largest refiner has not purchased Urals crude on the spot market since the beginning of the Ukrainian conflict, however it has lately purchased a few cargoes from Norway. more info

However, the corporation, which runs refineries in Lithuania, Poland, and the Czech Republic, purchases oil under long-term supply contracts with Russia’s Rosneft and Tatneft (TATN.MM). more info

PREEM

Sweden’s largest refiner, owned by Saudi billionaire Mohammed Hussein al-Amoudi, has “paused” fresh orders of Russian oil, which accounted for approximately 7% of its imports, in favour of North Sea barrels.



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