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Opinion
Julian Lee

The Country Without a Backup Plan for Russian Oil Sanctions

Moscow’s biggest European market still hasn’t said where it’s getting supplies after Dec. 5.

Lukoil PJSC’s oil refinery in Sicily.

Lukoil PJSC’s oil refinery in Sicily.

ERG

Welcome to Elements, our daily energy and commodities newsletter. Today, Bloomberg Oil Strategist Julian Lee highlights the major importer that still hasn’t said where it will get supplies after European Union sanctions on Russian crude take effect next month. For a look at how soaring shipping costs are piling pressure onto physical oil markets, click here. To learn what India’s doing to clean up its choking smog, read this. If you haven’t yet signed up to get Elements directly into your inbox, you can do that here.

The European Union’s ban on seaborne imports of Russian crude is due to come into effect Dec. 5. But one country is lagging in its efforts to secure alternative supplies, and it needs to step up the pace.