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Although it agreed with the EU decision to reduce imports of Russian crude oil by 90 percent by the end of the year, Italy became the only country in Europe that in reality, did the opposite.
The European Union has imposed a new package of austerity measures on Moscow over its occupation of Ukraine. But the embargo on Russian oil now threatens one of Italy’s largest refineries, located in Sicily, and could deal a major blow to the Italian economy.
Italy has agreed with EU partners to reduce Russian crude oil imports by 2023, a move that Italian Prime Minister Mario Draghi has called a “complete success” that a few days ago would not have been incredible ”. But Italy’s oil refinery in Sicily, which is owned by Russian company Lukoil, increased production from 15 to 100 percent of Russian crude oil.
Italy in May received about 400.00 barrels of Russian oil per day, four times the level of imports before the invasion of Ukraine. “Italy is the only country that has increased oil imports to Europe,” said the ISPI institute, and returned after the occupation to the third largest importer of oil, while before the Russian aggression in Ukraine, it was the 6th importer. in Europe.
Switzerland, on the other hand, will extend the blockade on Russia’s largest bank, Sberbank, until August. Switzerland’s financial market watchdog, FINMA, said the ban does not allow the Russian bank to make payments and transactions and includes other measures designed to protect creditors.
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