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Europe Turns Its Back on Russian Crude as Sanctions Draw Closer

Shipments to Europe are down 60%; Asia’s appetite also waning

Bloomberg business news
Goldman's Currie: Oil Market Will Continue to Tighten

The European market for Russia’s seaborne crude is drying up as sanctions draw nearer, and the country’s Asian customers aren’t picking up the slack like they once were. 

With just over two months until a European Union ban on seaborne crude imports comes into effect, shipments to the bloc plus the UK are down by about 60% from where they were before Moscow’s troops invaded Ukraine.