Norway bans Russian oil import

Norway bans Russian oil imports to the country. The European Union has already placed sanctions on the imports of Russian oil this year on June 3rd in response to Russia’s Ukraine invasion.

The sanction will ban seaborne imports of Russian crude oil and petroleum products. However, pipeline imports of crude oil and petroleum products will continue.

According to the sources, Norway’s energy giant Equinor has already stopped all kinds of present and future trades with Russia including oil. Equinor has also stopped its joint ventures and investments in Russia. This is an attempt taken by the energy giant to exit Russia in response to the Russia-Ukraine war.

The company said, “Equinor has certain contractual commitments arising out of contracts entered into prior to the invasion. This includes contracts signed in January this year, under which Equinor will receive four oil cargoes in March. Two of these are sold on to customers in Asia. The third is a naphtha cargo that will be delivered to an Equinor contracted storage facility. The fourth is a feedstock cargo to be delivered at the Mongstad refinery in Norway.”

The oil import ban on Russia is set to enrich Norway’s oil and gas supplies. Norway is a top supplier of European oil and gas and they are going to benefit from this global ban on Russia.