Russia is now sending nearly 90% of its oil to Asia as EU sanctions divert crude flows
With the new embargo in place, European nations are importing dramatically fewer barrels of Russian oil while Asia is getting the lion's share of the diverted crude flows.
European nations took in approximately half of Russia's crude supplies before the war in Ukraine began, but that's all but halted, with the exception of a small volume of imports to Bulgaria.
China, India, and Turkey have seen a large uptick in Russian crude imports this year, and have emerged as the biggest buyers amid the latest EU sanctions. The volume of oil heading to those three nations, in addition to the oil marked with no final destination, climbed in the four weeks leading up to December 9 to average 2.73 million barrels a day. According to Bloomberg, that's more than four times as high compared to the four weeks before the war in Ukraine began.
The European Union's December 5 embargo on seaborne Russian crude has quickly impacted the flow of Russian oil, as it's effectively eliminated one of Moscow's largest, most reliant energy customers. It has taken effect in conjunction with a $60-a-barrel price cap on Russian crude, which Moscow has warned it would retaliate against. and said Russia is considering slashing its oil production in response. He also said that the price cap won't have a financial impact on Moscow.
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