Russia’s European Crude Sales Collapse Ahead of Sanctions
Market closes for 1.5 million barrels a day of Russian crude
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Russia’s crude oil shipments to Europe are shrinking fast. A European Union ban on seaborne imports from the country is now in effect, shutting off a market that was taking more than 1.5 million barrels a day before Moscow’s troops invaded Ukraine in late February.
The flow dropped to less than one-fifth of that volume in the four weeks to Dec. 5, and will fall close to zero once the sanctions really bite.