Russia earned over US$110 billion in 2021 from oil exports, twice as much as its earnings from natural gas sales abroad. Sanctions against Russia’s oil industry would have a greater impact than limiting natural gas flows because Russia’s oil receipts are higher and more critical to its state budget. How would Russia be affected if other nations reduce imports of its oil? Russia’s oil shipments fell noticeably as it redirected flows to avoid the Druzhba line. In 2019, European stopped accepting deliveries for several months from the Druzhba line when crude oil flowing through it became contaminated with organic chlorides that could have damaged oil refineries during processing. These 700,000 barrels per day in pipeline shipments would be an obvious target for some kind of sanctions, either by banning financial payments or refusing deliveries via spur lines at the Belarus border. ![]() Nearly one-third of it arrives in Europe via the Druzhba Pipeline through Belarus. and ahead of Saudi Arabia, but sometimes that order shifts.Ībout half of Russia’s exported oil – roughly 2.5 million barrels per day – is shipped to European countries, including Germany, Italy, the Netherlands, Poland, Finland, Lithuania, Greece, Romania and Bulgaria. Today Russia is the second-largest crude oil producer in the world, behind the U.S. It uses roughly half of this output for its own internal demand, which presumably has increased due to higher military fuel requirements, and exports 5 million to 6 million barrels per day. Russia produces close to 11 million barrels per day of crude oil. ![]() How important is Russia as a global oil supplier? Global energy policy expert Amy Myers Jaffe explains how this strategy might work and how it could affect international oil markets, which have already been roiled by the conflict. Foreign Minister Liz Truss has proposed that the G7 nations – the U.S., U.K., Canada, France, Germany, Italy and Japan – impose limits on their Russian oil and gas imports. ![]() and other nations have for ratcheting up pressure on Russia in response to its invasion of Ukraine is reducing their Russian energy purchases.
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