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Europe’s Russian-Oil Snub Appears to Be Gathering Momentum

May 25, 2022, 1:32 PM

Producers of Russian crude are finding it increasingly difficult to sell barrels in their traditional European market since President Vladimir Putin launched an assault on Ukraine.

While the European Union has failed so far to impose a ban on oil imports from Russia, that hasn’t stopped the bloc’s refiners from shunning seaborne deliveries of crude from its key Baltic Sea export terminals. That shift seems to have gotten more pronounced since May 15, when tougher EU sanctions on the banking sector came into effect.

The extent to which Europe avoids Russian oil is critical to the global market. The continent’s ...