Russia’s war against Ukraine – the main events of May 31
Russia could be forced to sell its crude at a discount in Asia, where it is already changing hands at about $34 a barrel cheaper than the price of Brent futures.
Read also: EU leaders won’t agree on Russian oil embargo at this week’s summit
According to Bloomberg, halting pipeline deliveries through the northern branch of the Druzhba pipeline to Poland and Germany would cut another $12 billion, based on 2021 volumes and the average Urals price so far this year of $85 a barrel.
Read also: Zelensky calls for Russian oil embargo, banking and tech sanctions
Russia would continue to earn about $6 billion dollars from its exports to Hungary, Slovakia and the Czech Republic through the southern legs of Druzhba.
Read also: US rules out lifting Russia sanctions in exchange for end of Black Sea blockade
On May 31, President of the European Council Charles Michel announced that the EU countries had agreed on a partial ban on oil imports from Russia.
According to President of the European Commission Ursula von der Leyen, oil imports to the EU from Russia will drop by about 90% by late 2022.
