Kremlin facing big hit to its oil revenue

December 12, 2022 - With a near-total ban on imports of Russian crude into the European Union, Moscow has lost a market on its doorstep for more than 1.5 million barrels of oil a day.

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Russia looks set to lose sales of another 500,000 barrels a day by the end of the year, if Poland and Germany follow through on pledges to halt pipeline imports, according to Bloomberg.

There’s also a potentially more dramatic EU ban coming, on imports of Russian refined oil products like diesel. That could upend oil markets that are already short of the transport fuel, Bloomberg said.