Eurostat: EU Imports of Russian Oil and Gas Tumbled

SEATTLE (Oil Monster): The most recent data released by Eurostat indicates that the imports of Russian oil and gas by the EU region recorded significant decline during the second quarter of the current year. The decline is mainly on account of sanctions imposed on imports following Russian invasion of Ukraine.

According to Eurostat data, the EU imports of Russian oil witnessed 82% decline in the second quarter. The monthly average of oil imports stood at 1.6 million tonnes in Q2 this year, when compared with the average monthly imports of 8.7 million tonnes in the corresponding quarter a year ago. The country’s share of monthly EU imports fell significantly from 21.6% to 4% year-on-year.

Meantime, the monthly average of natural gas imports in Q2 this year halved to 2.5 million tonnes from 5.1 million tonnes during the same quarter a year before. Russia remained the second top trading partner for LNG for the EU region.

It must be noted that the EU countries had entered into new commercial deals with other major oil and gas exporting countries, as part of reducing its reliance on Russian energy. The region had entered into a fresh deal to double EU imports of gas from Azerbaijan by 2027. However, the pipeline gas imports from Azerbaijan posted decline in Q2 2023, despite the agreement.

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