5/20, 11:53 AM (Source: TeleTrader)
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Italy boosts oil imports from Russia - report

In May 2022, Italy imported the most Russian oil since 2013, the Financial Times reported on Friday, citing information from commodity data company Kpler.

The May figure stood at 450,000 barrels per day, jumping over 300% in comparison to February 2022. Italy could surpass the Netherlands, currently the biggest importer of seaborne Russian oil in the European Union, according to the report.

The increase in imports was mostly attributed to the ISAB refinery, which is owned by PJSC Lukoil from Russia but has had a diverse list of suppliers before banking aid from the EU stopped following the February events in eastern Europe. Due to a lack of EU financing, the refinery near Sicily has had to focus on oil supplies only from Lukoil, which is not formally under the sanctions regime.

Baha Breaking News (BBN) / MS