France pinned for its purchases of Russian oil

During the first 100 days of the war, France was one of the few countries to have increased its imports of Russian fossil fuels.

France has increased its purchases of Russian oil during the first 100 days of the war in Ukraine. This is reported in particular by a study published on Monday by the independent research center Center for research on energy and clean air (CREA).

France was thus the 7th largest Russian oil importer over the past 100 days, with 4.3 billion euros. Overall, the European Union has represented 61% of Russia’s fossil fuel imports (57 billion euros). However, the biggest importer remains the China (12.6 billion euros) slightly ahead Germany (12.1 billion euros) and Italy (7.8 billion).

It should also be noted that France has not not satisfied with the purchases provided for in his contract. Indeed, just like Belgium or the Netherlands, the country has purchased products at discounted prices. These were not part of the contracts already drawn up. In all, Russia has garnered 93 billion euros during these first 100 days of war.

Exports weaken, not profits for Russia

This increase in imports into France will contrary to what most countries have done. Indeed, Russian fossil fuel imports have decreased by 15% in Maycompared to the situation before the start of the war. This reduction in demand, together with lower prices for certain barrels, costs around 200 million euros per day to Russia.

Except that compared to last year, export prices remain on average 60% higher than last year. Among the buyers, the report mentions 15 major companies. Namely the oil companies Exxon, Shell, TotalRepsol or Orlen. On the other hand, some companies like Hyundai Steel or Mitsubishi received nothing in May.

It remains to be seen how the market will develop in the coming months. The European Union has indeed implemented a progressive embargo on Russian petroleum products. What should normally reduce direct oil imports. France could turn to the United Arab Emirates for its imports in the future.

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