Russia has cut off most pipeline shipments to Europe, and the European Union will ban Russian crude imports by Dec. 5 and Russian oil products by Feb. 5, depriving Russia of oil revenues and forcing one of the world's top oil producers and exporters to seek alternative markets.
Why it matters
The ban on Russian crude imports by the European Union will cause a significant shift in global trade flows, with nearly 3 million barrels per day of Russian crude oil and products having to be diverted to markets outside Europe and advanced economies. This will put a strain on the shipping sector and could lead to increased competition for already scarce and expensive liquid gas. The situation is expected to cause energy shortages in Europe if Russia cuts off gas supplies, and people will have to save at least 13% over the winter if this happens.
What the papers say
The sources agree on the key event and its significance, but differ in their focus. Some sources focus on the impact of the ban on Russian crude imports on India's thermal coal imports from Russia, while others focus on the impact on oil markets and the shipping sector. The sources also differ in their coverage of the impact of the ban on refined products, with some sources mentioning a similar measure on refined products in February 2023, while others do not.
How we got here
The ban on Russian crude imports by the European Union is part of its response to the invasion of Ukraine. Since the start of the war in Ukraine, Asian countries have taken a greater share of Russian fuel exports, according to data from S&P Global. Prices for multiple commodities surged last year as post-coronavirus demand ran up against supply-chain bottlenecks caused by Russia's invasion of Ukraine and Covid-19 lockdowns in China.
More on these topics
Russia, or the Russian Federation, is a transcontinental country located in Eastern Europe and Northern Asia. Covering an area of 17,125,200 square kilometres, it is the largest country in the world by area, spanning more than one-eighth of the Earth's in
China, officially the People's Republic of China, is a country in East Asia. It is the world's most populous country, with a population of around 1.4 billion in 2019.
India, officially the Republic of India, is a country in South Asia. It is the second-most populous country, the seventh-largest country by land area, and the most populous democracy in the world.
Ukraine is a country in Eastern Europe. It is the second-largest country in Europe after Russia, which it borders to the east and north-east.
Japan is an island country of East Asia in the northwest Pacific Ocean. It borders the Sea of Japan to the west and extends from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south.