Page 8 - RusRPTDec22

The EU's import ban on Russian crude oil is coming into force on December 5. The ban covers oil imported by sea. Crude oil is also brought from Russia to EU countries by pipeline. Germany and Poland, the biggest buyers of pipeline oil, have announced that they will stop importing pipeline oil at the same time. Progress to implement an oil price cap mechanism at the end of November was proving difficult as some countries wanted a low level of around $30 a barrel while others preferred levels over $65, above what Russia current sells oil for, including the discount. A compromise is likely to be found that will leave the oil price cap mechanism largely ineffective.
The EU has completely replaced Russian gas with liquefied natural gas (LNG) supplies and pipeline gas from other suppliers, European Commissioner for Energy Kadri Simson said on November 23 at a plenary session of the European Parliament, but at huge cost.
8 RUSSIA Country Report December 2022 www.intellinews.com