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This content and infographic from March 21 were updated on May 6.
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Russia’s war on Ukraine has already displaced more than 2 million b/d from the world’s second-biggest crude exporter, according to S&P Global Commodity Insights, as both sanctions and boycotts hit flows.
The collapse in demand for Russian crude in the region has already seen Urals values hit record lows. EU plans to ban Russian oil imports by year-end could hit up to 3.5 million b/d of crude and products if fully implemented.
Before the war, the region sourced almost 30% of its crude and products from Russia. The EU’s proposed ban on Russian oil means many of its members most dependent on Moscow’s top export face tough choices on how to source alternative flows.
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