The EU has reduced its dependence on Russian oil, but Russia has found new buyers

According to data from the International Energy Agency (IEA), Russia has managed to keep its oil exports at around their pre-invasion-of-Ukraine level. Russia’s market share in the European oil market has fallen significantly, primarily as a result of the ban on imports of Russian oil and some oil products into the EU by sea, which has been in force since 5 December 2022, and, in the case of oil products, since 5 February this year. According to the EU, the ban is expected to cover 90% of EU imports of Russian oil. Nevertheless, these and other sanctions imposed by the EU, the US and many Western countries are effective, as Russia’s revenues have fallen considerably.

Russia has managed to maintain its oil exports

Despite Western sanctions, Russia has managed to maintain its oil exports. For example, the EU banned imports of Russian oil and some oil products into the bloc, and then also joined countries (such as the G7 nations) in supporting and enforcing the price cap imposed on Russian oil and oil products.