(CN) — European Union member states cut Russian fuel imports by 13.8 million tons, or 90%, since agreeing to a trade embargo last year following Russia's invasion of Ukraine, according to data published by Eurostat on Monday.
Between 2019 and early 2022, EU members imported an average 15.2 million tons of crude oil and petroleum from Russia each month. By March 2023, imports from Russia plummeted to just 1.4 million tons.
Prior to Russia's invasion of Ukraine, the EU imported more than a quarter of its crude oil from Russia, along with 46% of solid fuel and 40% of natural gas. The invasion in February 2022 initially led to a 30% cut in fuel exports, driving record inflation across the continent.
To stabilize markets, the EU signed off on two emergency stock releases in March and April 2022. Anticipating more fuel cuts in the coming winter, member states agreed to an embargo last June on top of other economic sanctions. A major milestone to reaching their energy goals came when EU members reduced overall fossil fuel use by 20% between August and November 2022.
As EU members cut Russian fuel imports, inflation has significantly cooled, dropping to 6.1% in May, down nearly a full point from April.
In early 2022, prior to the start of the war, the EU imported 12.4 million tons of crude oil from Russia. Member states cut imports by 70% in December 2022 when a ban on seaborne crude oil took effect. As of March, the EU imported just 1.17 million tons of crude oil, a 91% reduction from years prior.
A ban on Russian petroleum took effect in February, driving EU imports down from 3.3 million tons in January 2022 to 0.3 million tons in March – a 92% reduction from years prior.
By the end of 2022, the EU imported just 21% of natural gas, 22% of fertilizer, 21% of petroleum oil and 10% of iron and steel from Russia.
To make up the difference, the EU increased petroleum trade with Saudi Arabia and the United States. The U.S. also supplied the EU with more natural gas and fertilizer than in pervious years, while the EU increased imports of iron and steel from China.
Throughout 2022, EU members imported 63% more crude oil and petroleum from the U.S. than in previous years. Brazil, Norway, Angola and the United Arab Emirates also exported tens of thousands of tons of fuel to the EU each month.
The EU plans to cut off all Russian fuel imports by 2027.
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