Three years of reporting, funded by our readers — become a member now and help us prepare for 2025.
Goal: 1,000 new members for our birthday. Gift a membership to your friend and help us prepare for what 2025 might bring.
Become a member Gift membership
Skip to content
Edit post

EU Ambassador says union decreased Russian oil supplies by 90% in 2022

by The Kyiv Independent news desk January 2, 2023 2:13 PM 1 min read
This audio is created with AI assistance

The European Union cut down Russian oil imports by 90% before the end of 2022, “radically reducing” energy dependence on Russia, the EU Ambassador to Ukraine Matti Maasikas told Ukrinform. He added that this move had deprived Moscow of “corresponding revenues.”

According to Maasikas, Russia can sell its oil to other markets, but the revenue from such sales is limited as Russia is forced to make a significant discount on each barrel. “Russian oil sells for about $30 less than the world average,” said Maasikas in an interview with the Ukrainian publication.

On Dec. 5, G7 and the EU started implementing the $60 per barrel price cap on Russian seaborne oil in order to limit the Kremlin’s ability to fund its war against Ukraine.

President Volodymyr Zelensky said, though, that such a price cap was comfortable for Russia’s budget, asking for a $30 per barrel cap instead.

Russian dictator Vladimir Putin on Dec. 27 signed a decree to ban oil and oil product exports to countries complying with the West’s price cap on Russian crude.

Since the EU, the UK, and the US have already banned the imports of Russian seaborne crude, the price cap mostly applies to other countries that still buy Russian oil.

Insurers for the oil market, which are mostly based in the West, are banned from dealing with Russian oil priced above the cap. The EU will also start implementing an embargo on Russian oil products starting from Feb. 5.

Three years of reporting, funded by our readers.
Millions read the Kyiv Independent, but only one in 10,000 readers makes a financial contribution. Thanks to our community we've been able to keep our reporting free and accessible to everyone. For our third birthday, we're looking for 1,000 new members to help fund our mission and to help us prepare for what 2025 might bring.
Three years. Millions of readers. All thanks to 12,000 supporters.
It’s thanks to readers like you that we can celebrate another birthday this November. We’re looking for another 1,000 members to help fund our mission, keep our journalism accessible for all, and prepare for whatever 2025 might bring. Consider gifting a membership today or help us spread the word.
Help us get 1,000 new members!
Become a member Gift membership
visa masterCard americanExpress

News Feed

3:44 PM

Russian ICBM strike would be 'clear escalation,' EU says.

"While we're assessing the full facts, it's obvious that such (an) attack would mark yet another clear escalation from the side of (Russian President Vladimir Putin," EU foreign affairs spokesperson Peter Stano said, according to AFP.
1:40 PM

Merkel describes Trump as 'fascinated by Putin' in her memoir.

"(Donald Trump) saw everything from the point of view of a property developer, which is what he was before he came into politics. Every plot of land could only be sold once, and if he didn't get it, someone else would," Angela Merkel says in her memoir.
MORE NEWS

Editors' Picks

Enter your email to subscribe
Please, enter correct email address
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
Subscribe
* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required
Subscribe
* indicates required
Explaining Ukraine with Kate Tsurkan
* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.