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List of Countries that Import Oil From Russia as US Bans Russian Crude Oil Imports

As Russia’s revenue is majorly from the energy sector, US President Joe Biden has announced measures to cripple its economy and its war effort. Biden said, “Ukraine would never be a victory for Russian President Vladimir Putin.”

He further said that the decision to ban oil was decided after consultation with its allies, especially European nations which procure 40 percent of their gas needs from Russia.

US Secretary of State Antony Blinken said to news reporters, “We are now talking to our European partners and allies to look in a coordinated way at the prospect of banning the import of Russian oil, while making sure that there is still an appropriate supply of oil on world markets.”

Joe Biden imposes a ban on oil import from Russia

Russia has issued a warning that any move to impose a ban on its oil imports may cost very dear to the entire world as Crude oil prices may rise more than double the present market price to $300.

Russia also threatened to close the main gas pipeline to Germany. Alexander Novak, Russian Deputy Prime Minister said, “A rejection of Russian oil would lead to catastrophic consequences for the global market.”

Solita Marcelli, UBS’s wealth management, chief investment officer for the US said, “The Russia-Ukraine war has driven oil prices up faster than we previously expected, but we continue to see a tight supply-demand balance for crude oil globally, even if the hostilities end and the geopolitical risk premium attached to crude declines”.

List of Countries that import most oil from Russia

As the ongoing conflict between Russia and Ukraine continues, below is the list of countries that import oil from Russia according to the UN Comtrade report released in 2020.

  • China is the top importer of Crude Oil from Russia procuring goods worth $23.77 billion and contributing 32.8% of total Russian exports.
  • The Netherlands is the second biggest importer of Crude Oil with an absolute value of $9.42 billion and contributes 13% of sales to the Russian oil industry.
  • Germany’s total trade value of crude oil import is around $6.28 billion with an 8.7% market share of Russian exports.
  • South Korea is the fourth-biggest oil customer of Russia which bought $5.03 billion worth of crude oil which is around 6.9% of its total exports.
  • Poland also depends on Russia for its energy needs importing crude oil worth $4.18 billion and its share in oil export is 5.8%
  • Italy imports $3.74 billion worth of Russian oil to meet its requirement which translates to a market share of 5.2% of total exports from Russia.
  • Belarus procures crude oil worth $3.54 billion from Russia thereby contributing 4.9% of its exports.
  • Finland also gets oil from Russia worth $2.76 billion which translates to a 3.8% market share.
  • Japan purchases a very less percentage of its overall energy requirement from Russia with imports of just $2.09 billion and contributes 2.9% of exports from Russia.
  • Slovakia imports crude from Russia which costs $1.47 billion and 2% of total exports from Russia.

The US also buys crude oil from Russia, however, it is self-reliant for its energy needs and is a net exporter of crude oil. It imports $950 million worth of crude oil from Russia which is less than 1% of its annual energy requirement.

Let us know your thoughts if the US move to ban Russia is correct in today’s context by heading over to the comments section below.

Archana Kabra
Archana Kabra is a Freelance Writer and has been extensively writing stuff related to Entertainment, Lifestyle, and Technology. She is also an ardent music lover. Twitter handle: @archana153sarda
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