Europe’s energy independence: who provides Europe with fuel?

Possibly the first fuel suppliers to Europe were countries in the Middle East and Turkey when the European Union embargo on Russian refined oil products was established in February 2023.

But it’s important to recall that they were just a transit intermediary; they bought oil products from Russia, resold them, and then supplied EU members. However, despite conducting all operations legally, this case still became a significant setback.

Turkey stopped importing oil products from India and instead bought diesel and gasoline from Russia, which it then sent to the European Union. Consequently, Turkey became a conduit through which India sent its unsold excess gasoline to Europe. The infographic produced by the “A-95” consulting company shows this.

The US relies less on Russian oil supplies than any other country. They boost their domestic oil product production by supplying the European Union with diesel and gas oil. Specifically, this is relevant to diesel, since Reuters cites statistics from the London Stock Exchange Group (LSEG) showing that US refineries exported 6.6 million barrels of diesel fuel and fuel oil in September 2023, the highest monthly total in the previous year. The United States, in the meantime, is trying to cap oil prices at the border and penalize violators with sanctions

In 2024, the United States Department of the Treasury initiated the implementation of limitations on oil pricing, targeting the United Arab Emirates-based shipping company Hennesea for violating the Russian oil price cap. Hennesea, an Emirati shipping firm, was the one who helped Russia bypass sanctions with a “shadow fleet.”

“Today’s actions once again demonstrate that anyone violating price restrictions will face consequences,” “There should be no doubt about our coalition’s commitment to stopping those who assist the Kremlin.”

stated Wally Adeyemo, Deputy Secretary of the Treasury
Related Posts