Latest post

Russian Crude Oil: Who bought Russian Crude Oil and Who Stopped

The reactions of countries and the actions of companies regarding the purchase of Russian oil since the Ukrainian War began on February 24 are as follows.

Country response

Australia, the United Kingdom, Canada and the United States have totally banned Russia’s oil purchases, but the 27 member states of the European Union were unable to agree to the embargo.

The block is leaning towards a ban on Russia’s oil imports by the end of the year as part of the sixth package of sanctions against Russia.

Germany, the EU’s largest economy, said it could survive the EU’s embargo on Russia’s oil imports by the end of this year, even if the outage could create a shortage.

Hungary said it still opposes the European Union’s embargo on Russia’s oil and gas imports.

However, many European refiners have stopped voluntarily purchasing Russian crude oil or have promised to purchase it when their long-term contract expires.

The world’s major trading companies are also planning to reduce Russia’s crude oil and fuel purchases from May 15.

As a result, Russia’s diesel exports from the Baltic Sea’s Primorsk port, Europe’s main source, were set to decline by more than 30% in May.

China and India, which refused to blame Russia’s actions, continue to buy Russian crude oil.

Below are the current and previous purchasers of Russian crude oil (in alphabetical order).

Current buyer

Balato Oil

Indian state refiner Bharat Petroleum Corp Ltd purchased 2 million barrels of Russian Urals from trader Trafigura in May. Two people familiar with this purchase regularly purchase the Russian Urals at the Kochi Refinery at 310,000 barrels (bpd) per day. Southern India.

Helenic Oil

Greece’s largest oil refiner relies on Russian crude oil for about 15% of its intake and secured additional supply from Saudi Arabia earlier this month.


According to traders last week, an Indian state refiner bought 2 million barrels of Russian Urals for loading in May.


India’s top refiners have purchased 6 million barrels of Urals since February 24, and in 2022 signed a contract with Rosneft to supply up to 15 million barrels of Russian crude oil.

However, refiners buying crude oil on behalf of the Chennai oil subsidiary have excluded some high-sulfur crude oil grades, including Urals, from the latest bids, according to traders.


Italy’s largest refinery, owned by Lukoil-controlled Swiss-based Litasco SA, is forced to procure almost all of its crude oil from Russian owners as international banks no longer provide credit. ..

Two government sources told Reuters that the Italian government is considering temporary nationalization of the ISAB as an option if Russia’s oil is sanctioned.


The Leuna refinery, a landlocked country in eastern Germany, owned by France’s TotalEnergies, is also supplied with Russian crude oil by the Druzhba pipeline.

Mangaluru Refinery and Petrochemical

A state-owned Indian refiner purchased 1 million barrels of Russian Urals crude oil through a bid from European traders for loading in May.


Russian crude oil continues to account for about 14% of the intake of Milo, Germany’s largest refinery owned by Rosneft, which is 24% owned.


The Hungarian oil company, which operates three refineries in Hungary, Slovakia and Croatia, continues to purchase Russian crude and refineries through the Druzhba pipeline.

The company said a complete European embargo would take two to four years to replace Russia’s oil imports and cost $ 500 to $ 700 million.

Nayala Energy

An Indian private refiner, partly owned by Rosneft, bought Russian oil after a one-year gap and about 1.8 million barrels of Urals from Trafigura.


The Bulgarian refinery, which is owned by Lukoil in Russia and where Russian crude oil accounts for about 60% of its intake, continues to refine Russian crude oil.

PCK Schwedt

The German PCK Schwedt refinery, owned 54% by Rosneft, receives crude oil via the Druzhba pipeline.


Indonesia’s national energy company, PT Pertamina, is looking for oil for a newly refurbished refinery and is considering buying crude oil from Russia.

PKN Orlen

Poland’s largest refiner has stopped buying Russian crude in the spot market and switched to the North Sea oil field, but is buying Urals under a contract signed before it expires by the end of this year.

The company, which operates refineries in Lithuania, Poland and the Czech Republic, benefited from a surge in refining in March, thanks to discounts paid to Russian oil.

China petrochemical

China’s state-owned Sinopec, Asia’s largest refiner, continues to buy Russian crude under a previously signed long-term contract, but avoids new spot contracts.

Former buyer


The British oil major, which has abandoned its stake in Rosneft, will not make new deals with Russian entities to load it into Russian ports unless it is “essential to ensure the safety of goods”.


Japan’s largest refiner has stopped buying crude oil from Russia, but some of the cargo signed under the previous agreement will arrive in Japan until around April. The company plans to procure alternative supplies from the Middle East.


A 30.3% energy group owned by the Italian government has stopped buying Russian oil.

The Bayernoil refinery in Germany, which is funded by Eni and Rosneft, does not use Russian crude oil.


The majority of Norwegian state-owned energy companies have suspended Russia’s oil trading as it has ceased operations in Russia.


The Portuguese oil and gas company has stopped all new purchases of petroleum products from Russia or Russian companies.


A global mining and trading company with a 0.57% stake in Rosneft said it would continue to respect its obligations under previously signed contracts, but said, “Unless there are relevant instructions, new trade on commodities of Russian origin. We will not start the business. ” Government authorities “.


Finnish refiners have not purchased Russian crude oil on the spot market since the beginning of the war and have no plans to sign a new deal when the existing long-term supply contract ends in July. 85% of Russian crude oil and other crude oil.

OMV Petrom

Romania’s top oil and gas companies, managed by Austria’s OMV, said they are preparing to cut off Russia’s crude oil imports.


Sweden’s largest refiner, owned by Saudi Arabian billionaire Mohamed Hussein al-Amoudi, has “suspended” new orders for Russian crude oil, which accounts for about 7% of purchases, and replaced them with barrels in the North Sea.


The Spanish company has stopped buying Russian crude oil on the spot market.


The world’s largest oil trader has stopped buying Russian crude oil and said on April 27 that it would stop accepting refined products containing Russian content, including mixed-stroke oil.


Global Commodity Traders based in Geneva will stop all crude oil purchases from Rosneft and purchase refined products from Rosneft by May 15, when the EU’s strict rules on oil sales in Russia will come into force. We plan to reduce the amount “substantially”.


The French oil company has stated that it will not enter into or renew existing contracts to purchase Russian crude oil and petroleum products with the aim of suspending all purchases by the end of 2022.

The contract primarily covers the supply of Russian crude oil to the Leuna refinery in eastern Germany and the supply of light oil in Europe via the Druzhba pipeline.


The Swiss refinery, which owns 51.4% of the Bayer Noil refinery in Germany, said it has no plans to open a new deal to buy Russian crude oil.


About the author


Leave a Comment