Australia, the United Kingdom, Canada, and the United States have all implemented outright prohibitions on Russian oil sales, but the European Union’s 27 members have been unable to reach an agreement on the embargo.
As part of a sixth package of sanctions on Russia, the EU is considering a ban on Russian oil imports by the end of the year.
Germany, the EU’s largest economy, claimed it would be able to withstand an EU embargo on Russian oil imports by the end of this year, despite the possibility of shortages. Hungary has stated that it will continue to oppose any European Union embargo on Russian oil and gas supplies.
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Many European refiners, on the other hand, have willingly ceased buying Russian crude or have committed to do so when their long-term contracts expire.
Major global trading firms are reportedly intending to cut their purchases of Russian crude and petrol beginning May 15. As a result, Russian diesel exports from the Baltic port of Primorsk, a critical supply source for Europe, were expected to fall by more than 30% in May.
India and China, both of which have declined to denounce Russia’s conduct, have continued to purchase Russian crude.
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