Who is buying Russian crude oil and who has stopped
Here is the response by countries and companies regarding purchases of Russian oil since the war in Ukraine started on 24 February.
Australia, Britain, Canada and the United States have imposed outright bans on Russian oil purchases, while Group of Seven (G7) nations, including Japan, committed to ban or phase out imports of Russian oil on 8 May.
The European Union agreed on 30 May to ban seaborne imports of Russian oil with a phase-in period of six months for crude oil and eight months for refined products.
The ban excludes oil supplied via the Druzhba pipeline thus allowing refineries in Eastern Europe and Germany to continue imports. Poland and Germany, however, said they would phase out all purchases via the pipeline by the end of 2022.
That would in total cover about 90 per cent of Russian oil imports to the EU.
Even before the adoption of the ban, at least 26 major European refiners and trading companies have voluntarily suspended spot purchases or announced plans to phase out a combined 2.1 million barrels per day (bpd) of Russian imports, according to JP Morgan.
Meanwhile, China and India, which have refused to condemn Russia’s actions, are benefiting from discounts on Russian crude.
India has received 34 million barrels of discounted Russian oil since Moscow invaded Ukraine, according to Refinitiv Eikon data, and is set to receive about 28 million barrels in June, according to Refinitiv Eikon oil flows.
Below are current and former buyers of Russian crude (in alphabetical order):
Current buyers:
Bharat petroleum bpcl.ns
Indian state-run refiner Bharat Petroleum Corp Ltd has bought 2 million barrels of Russian Urals for May loading from trader Trafigura, two people familiar with the purchase said.
The company regularly buys Russian Urals for its 310,000 barrels per day (bpd) Kochi refinery in southern India.
Hindustan petroleum hpcl.ns,
India’s state refiner bought 2 million barrels of Russian Urals for May loading, according to trading sources.
Indian Oil Corp Ioc.Ns
India’s top refiner has bought more than 6 million barrels of Urals since 24 February and has a supply contract with Rosneft for up to 15 million barrels of Russian crude in 2022.
Isab
Italy’s largest refinery, owned by Lukoil-controlled LKOH.MM Swiss-based Litasco SA, continues to buy Russian crude, while the Italian government has been looking into the possibility of temporarily nationalising ISAB.
Leuna
The land-locked Leuna refinery in eastern Germany, majority-owned by France’s TotalEnergies TTEF.PA, continues to buy Russia crude fed by the Druzhba pipeline.
Mangalore Refinery And Petrochemicals Mrpl.Ns
The state-run Indian refiner has bought 1 million barrels of Russian Urals crude for May loading via a tender from a European trader, a rare purchase driven by the discount offered.
Miro
Germany’s largest refinery, 24 per cent owned by Russia’s Rosneft ROSN.MM, continues to buy Russian crude, which accounts for about 14 per cent of the total intake.
Mol Molb.Bu
The Hungarian oil company has said it would take at least 2-4 years to fully switch its two refineries in Slovakia and Hungary to alternative crude processing, which currently accounts for about 35 per cent of total intake.
Nayara Energy
The Indian private refiner, part-owned by Rosneft, has purchased Russian oil after a gap of a year, buying about 1.8 million barrels of Urals from Trafigura.
Neftochim Burgas
A Bulgarian refinery, owned by Russia’s Lukoil, continues to refine Russian crude, which accounts for about 50 per cent of its intake, according to government officials.
Pck Schwedt
Germany’s PCK Schwedt refinery, 54 per cent owned by Rosneft, continues to buy Russian crude fed via the Druzhba pipeline.
German government officials have said they were looking to replace Russian crude with alternative imports via the German port of Rostock or via ports of neighbouring Poland to keep the refinery running.
Pertamina
Indonesian state energy firm PT Pertamina PERTM.UL is considering buying crude oil from Russia as it seeks oil for a newly revamped refinery.
Sinopec
China’s state-run Sinopec 600028.SS, Asia’s largest refiner, is continuing to purchase Russian crude under previously signed long-term contracts.
Former Buyers
Bp Bp.L
The British oil major has exited Russia and said it would no longer make new deals with Russian entities for loading at Russian ports unless “essential for ensuring security of supplies”.
Eneos
Japan’s biggest refiner 5020.T has stopped buying crude oil from Russia, and plans to source alternative supplies from the Middle East.
Eni Eni.Mi
The energy group, 30.3 per cent owned by the Italian government, has suspended purchases of Russian oil, including for Germany’s Bayernoil refinery, where it has a minority stake.
Equinor Eqnr.Ol
Norway’s majority state-owned energy firm has stopped trading Russian oil and exited Russia, recording a $1.08 billion impairment in its first-quarter earnings report
Galp Galp.Ls
The Portuguese oil and gas company has suspended all new purchases of petroleum products from Russia or from Russian companies.
Glencore Glen.L
The global mining and trading firm said it would not enter any new trading business relating to Russian-origin commodities unless directed by the relevant government authorities.
Hellenic Petroleum Hepr.At
Greece’s biggest oil refiner has stopped buying Russian crude, replacing it with additional supplies from Saudi Arabia and other countries.
Neste Neste.He
From the start of April, the Finnish refiner has replaced about 85 per cent of the Russian crude oil with other crudes, and said it will not enter in new deals to buy Russian oil.
Omv Petrom Rosnp.Bx
Romania’s top oil and gas firm, controlled by Austria’s OMV OMVV.VI has said it was preparing to wean itself off Russian crude imports, which account for about 30 per cent of its Petrobrazi refinery’s annual needs.
Pkn Orlen Pkn.Wa
Poland’s largest refiner has stopped buying Russian crude on the spot market, switching to North Sea oil, with previously signed long-term supply contracts expiring by the end of this year. Russian crude accounts for about 30 per cent of its intake.
PREEM
Sweden’s largest refiner, owned by Saudi billionaire Mohammed Hussein al-Amoudi, has replaced Russian barrels, which made up 7 per cent of its supplies, with North Sea barrels.
Repsol Rep.Mc
The Spanish company has stopped buying Russian crude oil in the spot market.
Shell Shel.L
The world’s largest petroleum trader has stopped buying Russian crude and refined products, including blended fuels.
Trafigura
The Geneva-based global commodities trader plans to stop all purchases of crude oil from Rosneft by 15 May when tighter EU rules on Russian oil sales come into effect, and “substantially” reduce volume of refined products it buys from Rosneft.
Totalenergies
The French energy firm, which operates Leuna refinery in eastern Germany, has stopped making new deals to buy Russian oil and plans phase out its purchases by the start of 2023.
Varo Energy
The Swiss refiner, which owns 51.4 per cent in Germany’s Bayernoil refinery, has said it would no longer enter into new deals to buy Russian crude.