All news

Oil export growth may compensate for decreased refining amid embargo — deputy PM

An embargo on supplies of Russian oil to the European Union came into effect on December 5, but so far this embargo does not apply to supplies via the Druzhba oil pipeline to Hungary, Slovakia, and the Czech Republic

MOSCOW, December 25. /TASS/. The European Union’s embargo on Russian oil products may entail a decrease in oil refining in Russia in 2023 but it will be compensated for by the increase in oil exports, Russian Deputy Prime Minister Alexander Novak said in an interview with TASS.

"If there are problems with the sale of oil products, oil refining may, to a certain extent, be compensated for by extra volume of oil exports," he said, adding that the embargo may have no impact on oil refining in Russia and in this case the shares of export, production and refining will remain as they are.

An embargo on supplies of Russian oil to the European Union came into effect on December 5, but so far this embargo does not apply to supplies via the Druzhba oil pipeline to Hungary, Slovakia, and the Czech Republic. An embargo on supplies of Russian oil products to European countries will come into force on February 5, 2023.