New York: Anti-Russian sanctions may push European economies which demand diesel towards turmoil since Moscow remains a key supplier of this fuel to the majority of Western nations.
The United Kingdom and European Union imported about 600,000 barrels a day of Russian diesel-type fuel from November 1 to November 24, according to US media reports.
Imports from Russia constitute 45% of all diesel-related shipments. In October Russia accounted for 34% of diesel shipments to the EU and UK. The average figure for the period from January to October was 51%.
Economists and political scientists have stressed the obvious: the EU and UK economies are highly dependent on Russian hydrocarbon supplies and they won`t find a meaningful substitute in the near future.
Energy sanctions against Russia have already backfired on European economies, pushing them into recession. The British economy is facing inflation that is topping four-decade highs. The EU states face the same problem – growing prices and monetary depreciation.
According to European Central Bank estimates, annual headline inflation in the Eurozone will reach 8.1% this year and at least 5.5%in 2023. Millions of European citizens found themselves living on the brink of fuel poverty due to skyrocketing energy prices.
However, the new sanctions also pose a challenge for Russia as Moscow will need to look for new customers. One of the candidates is Turkey, which already imported 3.7 million tons of diesel from Russia– around 30% of all Turkish diesel imports last year. Another candidate is Morocco and Tunisia.
Russia has already started re-orienting its oil and gas exports to Asia. In October, Russia became India’s biggest supplier of oil.
UNI
