All countries reduce, Hungary increases dependence on Russia
Since Russia’s war against Ukraine broke out, Russian oil imports have fallen significantly. In 2021, Russia imported an average of 9.5 million tonnes of oil per month from the EU, down to 3.3 million tonnes in December. Hungary, however, has not decreased but increased its imports of Russian oil.
Russian oil imports to the EU decreased
Russia’s imports of crude oil by ship to the European Union already fell in March 2022. However, the major decline in the pipeline only started in the autumn, writes g7.hu.
Since the Russian-Ukrainian war began, EU countries have tried to reduce their dependence on Russia and Russian oil. However, different countries have been freed from Russian oil to different degrees. Not all countries have given up cheap oil.
Total EU imports of Russian oil fell by 17 percent in 2022. Some countries even increased imports. Perhaps less surprisingly, the Hungarian Orbán government, which has been described in the international press as pro-Russian, was in this group.
Besides Hungary, Bulgaria and Italy have also increased their imports of Russian oil. In Bulgaria, a 2.4-fold increase can be attributed to Russian-owned refineries, while in Hungary the surge in imports can be attributed to Mol. The Czech Republic and Romania are vociferous in their opposition to the Russians, so it is surprising that they still purchase Russian oil.
Less, but more expensive
While the volume of Russian oil imports has fallen, European spending has even increased due to higher market prices. In 2022 as a whole, Russian oil export revenues from EU countries amounted to EUR 57 billion, a five-fold increase compared to 2021 figures.
The price cap implemented by the European Union and the G7 has been working effectively: in a single month, the price per tonne of oil imported by ship has fallen by 13 percent. The price cap does not apply to pipeline prices though, thanks partially to the Hungarian lobby.
Asia is the new Europe
Europe has cut Russian oil imports but Russian sales have not fallen. China and India have now taken over the EU’s role.
Read alsoHungary could have saved billions by not buying gas from Russia
Source: G7.hu