Europe’s phased-in rather than an immediate embargo on Russian oil gives Moscow time to re-route volumes to new customers in Asia in the next six months, Russian analysts and traders said on Tuesday. The European Union said on Monday that it aims to cut Russian oil imports by 90% by year-end but added that piped and sea-borne supply would remain legal until then. read more Two thirds of the EU’s Russian oil supply comes via tankers and one third via the Druzhba pipeline. Western analysts and EU watchers described the sanctions as watered down and in Moscow there was a clear sense of relief. “Although, the measures announced by the European Union look threatening, we don’t see a crippling impact on the Russian oil sector – neither imminent, […]