Oil embargo will halve Russia’s revenues from crude oil export - expert

He told about this on Espreso.

"In the information space, the topic of the oil embargo took a back seat, because it was covered by the topic of the oil price ceiling of $60 per barrel. In fact, we are talking about two parallel processes. The oil embargo came into force today, December 5, that is, all tankers with Russian crude oil , which leave the ports of the Russian Federation, cannot go to EU ports. However, Bulgaria is an exception, because the Lukoil refinery is located there, and they were given a delay until the end of 2024," commented the editor-in-chief of the BlackSeaNews portal.

Andriy Klymenko explained that regarding the exclusion of Bulgaria, a lot of safeguards were applied so that there were no intentions of resale, that is, to increase the volume of oil exports to Bulgaria for the purpose of further sale.

"On average, Russia exported 3.5-3.7 million tons of Russian crude oil monthly from the Black Sea region, of which approximately 45-47% went to the EU countries, and 53-55% went to the countries of Asia, South America: India, Turkey, Singapore, Malaysia, a little bit of Brazil and other countries. Accordingly, the embargo will lead to the fact that the Russian Federation's income from the export of crude oil will be halved from now on. The profits of Russian oil companies on the position of crude oil and their deduction to the budget of the Russian Federation will be halved. And as for the second half of this export to other countries, there is a price ceiling of $60 per barrel. The EU and the G7 left the possibility to regularly review the level of this ceiling," Klymenko noted.