Greek refineries: Imports of crude oil from Russia were suspended before the embargo

Greek refineries without Russian oil and petroleum products are already operating before the start of the Russian invasion of Ukraine. This means that the embargo decided by the European Council has no effect on the supply of the Greek market, apart from any indirect consequences that arise internationally from the fluctuation of crude prices.

According to sources from ELPE and Motor Oil, Russia already represented a relatively small percentage of total crude supplies by 2021, of the order of 1.5% and 5% respectively. Rates significantly lower than in the EU as Russia accounted for about 25% of European crude imports and 50% of their diesel imports.

The gradual imposition of EU sanctions and the possible imposition of an embargo on oil (decided at the last Summit) have led most European refineries to restrict or even suspend imports of Russian crude and products.

Greek groups moved in this direction, ensuring the supply of the market from other supplier countries such as Saudi Arabia, Libya, Algeria, etc.

According to the reports of Greek refineries in 2021, Russia’s participation in the “basket” of exports of petroleum products from Greece was limited.

It is recalled that the European Council decided last week that the sixth package of sanctions against Russia will cover crude oil, as well as petroleum products delivered from Russia to the Member States, with the temporary exception of crude oil delivered via pipeline.

It also provides that “In the event of a sudden supply disruption, urgent measures will be taken to ensure security of supply”.

Source: AMPE