The EU’s ban on Russian oil imports by sea could impact as much as 75% of Russia’s crude oil delivery to the bloc. Russia is looking to skirt sanctions by using a decades-old smuggling route through Iraq, Jordan and Syria to send oil to Europe. For Asian-bound shipments, the reliable methodology has allegedly involved Malaysia (and to a lesser degree Indonesia) in forwarding oil exports to China. The ban by the European Union (E.U.) on Russian oil imports by sea, in the first instance, is likely to affect around 75 percent of Russia’s crude oil delivery to the bloc, with this figure rising to about 90 percent by the end of this year, according to comments last week from European Council President, Charles Michel. The true degree to which the ban will be implemented is questionable – as analysed in depth by OilPrice.com recently – but, nonetheless, the prospect […]