It’s Friday — and European oil markets continue to make headlines. Today we’re breaking down several oil moves from EU nations, and how Russia is faring amid the uncertainty.
Let’s get started.
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1. The European Union is still the biggest buyer of Russian oil. In the two months since the Ukraine war began, the EU bought $46 billion worth of oil from the warring nation — out of the $66 billion Russia made from fuel exports, a study found.
Russia so far has benefited from soaring prices of oil, gas, and coal despite wartime sanctions — but that could change soon.
German officials announced the country is ready to stop buying Russian oil, the Wall Street Journal reported Thursday. Officials said Germany has secured a new deal with Poland that will allow it to import oil from other global suppliers.
The move paves the way for the EU to impose a full Russian oil embargo. With Russia’s largest diesel exporter already set for a 30% decline in shipments next month, this could further dent the country’s economy.
But even so, multiple top European energy companies, the Financial Times said, are set to pay for Russian gas using rubles to meet Putin’s demands. And on Wednesday, Bloomberg reported that four European natural gas buyers had already paid Russia in rubles for supplies.
China’s yuan has tumbled in recent weeks.
Bloomberg Creative/Getty Images
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Source:: Business Insider