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Russia’s budget to stay unaffected by Ukraine’s ban on oil product imports — ministry

The Ukrainian government plans to hold a meeting on Friday to consider banning Russian oil product imports

© ITAR-TASS/Alexander Kolbasov

MOSCOW, April 6. /TASS/. Ukraine’s possible ban on oil product imports from Russia won’t affect Russian budget revenues considerably, Russia’s Economic Development Ministry told TASS on Wednesday.

"Ukraine’s possible ban on the importation of Russian petroleum products won’t affect federal budget revenues materially as Ukraine accounts for a small share of Russia's hydrocarbon exports," the ministry said.

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As TASS reported earlier, the Ukrainian government plans to hold a meeting on Friday to consider banning Russian oil product imports.

According to data reported by Russia’s State Statistics Service Rosstat, Russia delivered about 2 million oil products worth over $1 billion to Ukraine in 2015.

Gas oils, i.e. semi-finished products for fuel production, accounted for 60% of Russian petroleum product deliveries in 2013-2015. The Russian deliveries of gasoline to Ukraine amounted to just 10,000 tons in 2015.

Russia’s oil product exports to Ukraine contracted by 2.3 million tons from 4.3 million tons in 2015 compared with 2014 while Ukraine’s share in Russian exports declined to 1.1% from 2.6%, the Economic Development Ministry said.

In general, Russia’s oil product exports grew from 165.2 million tons to 171.7 million tons in 2015.

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Ukraine crisis Oil & Gas

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