The European Union (EU) has officially imposed a ban on the import of Russian petroleum products, including diesel and gasoline, as of today [February 5, 2023].
This ban, part of the EU’s sixth package of sanctions against Russia, aims to reduce Russia’s revenue from energy sales and, in turn, its ability to finance the ongoing conflict with Ukraine.
According to data from Eurostat, the European Statistical Office, Russia exported petroleum products worth more than 2.3bn Euros (US$2.5bn) to the EU in October 2022, with Germany alone importing goods worth approximately 558mn euros, the Oman News Agency reported.
The decision to impose this ban was made in June 2022 as a response to the conflict between Russia and Ukraine. Despite this, some EU countries may temporarily receive exemptions from the ban.
In addition to this ban on petroleum products, the EU has already imposed a ban on the import of Russian crude oil transported by sea, which came into effect on December 5th, 2022. These measures are reportedly a testament to the EU’s commitment to addressing the situation and supporting Ukraine.
