Josep Borrell, High Representative of the European Union (EU) for Foreign Affairs and Security Policy, is speaking about the EU's sanction measures against Russia for its invasion of Ukraine at a press conference held on the 2nd of last month (local time) in Panama City, the capital of Panama. [Image source=Yonhap News]
[Asia Economy Reporter Kim Daehyun] Although the European Union (EU) agreed on sanctions against Russian oil at the end of last month, it is uncertain whether the embargo will be fully enforced, the British current affairs weekly The Economist reported on the 7th (local time).
The Economist analyzed that the amount of oil Russia exports to the EU has actually increased since Russia invaded Ukraine in February.
According to energy market research firm Argus Media, Russian oil bound for the EU averaged 750,000 barrels per day in January, just before the Ukraine war, but increased by 14% to 857,000 barrels in April, when the conflict was at its peak.
The Economist pointed out that countries receiving Russian oil through the Druzhba pipeline are benefiting from capturing cheap crude oil.
The EU excluded the Druzhba pipeline, which accounts for the remaining one-third of supply routes, from the sanctions due to opposition from countries like Hungary that heavily depend on Russian crude oil.
While EU leaders emphasize that the exemption for the Druzhba pipeline will be reconsidered, it is reported that this pipeline has become a test of European unity.
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