The Hill
Europe and China account for 90 percent of Russia's oil exports.
That has made it harder for Europe to impose similar bans as the U.S. does.
According to the International Energy Agency, Russia is the world's biggest exporter of oil to global markets and the second-largest exporter of crude oil behind Saudi Arabia.
China is the largest single purchaser of that oil, while European nations are the largest collective buyers. Europe bought up 42 percent of Russia's total oil production, while China bought 14 percent and 30 percent stayed in Russia.
Germany, the Netherlands, the U.S., Poland and South Korea are some of the countries that purchase Russian oil.
Outside of Europe, most of Russia's customers are drawn from a wide variety of sources.
European nations, which imported seven times as much Russian oil as the United States, are more reliant on Russian oil imports.
Lithuania gets 83 percent of its oil imports from Russia, followed by Finland, Slovakia, Poland, Hungary, and Estonia.
Germany is followed by Norway, Belgium, Turkey,Denmark, and Spain.
Norway is the 13th largest producer of oil in the world, and it imported less than half a million barrels of oil from Russia every day in 2021.
Russia is a major producer and consumer of oil, coal and natural gas, as well as various refined products made from them. The energy equivalent of 11 billion barrels of oil was produced by Russia's fossil fuel industry.
Russian oil and natural gas are vital sources of power and heat for many European countries, and Russian oil is the dominant source of gasoline and other refined petroleum products.
According to the IEA, the country exported about 54 percent of its coal, 31 percent of its natural gas and 70 percent of its oil in 2019.
Three people with knowledge of the matter said that Chinese buyers have been allowed to receive oil from Russia without providing guarantees known as letters of credit. The ESPO Blend crude that is sold from the port of Kozmino in Russia's Far East to China is still being sold despite the change in terms. Russian ESPO crude exports in April were 754,000 barrels per day, giving China its biggest source of spot crude.
On Wednesday, the US House of Representatives passed a bill to stop energy imports from Russia.
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The House overwhelmingly approved legislation that would ban Russian oil imports to the US, an effort to put into law the restrictions announced by President Joe Biden in response to the escalating war in Ukraine. The bill would encourage a review of Russia's status in the World Trade Organization and signal U.S. support for sanctions on Russian officials over human rights violations. Lawmakers in both parties are willing to risk higher gas prices at home in order to support Ukraine with a show of U.S. bipartisanship.
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Large firms like Exxon Mobil would be affected by the bill. Democrats want to give Americans some relief from the high energy prices.
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The supply lines in and out of the besieged Ukrainian capital are still open, according to the mayor and former boxing champion Vitali Klitschko. The city is currently being squeezed by Russian forces on several fronts. Vitali said that the city had enough essentials to last a couple of weeks. It's important to give services to people, as a part of women and children move from Kyiv, it's close to 2 million people still there. We have gas, electricity, and heating. Some people who had fled to other parts of the country are now returning to fight. There are a lot of refugees who left towards the West but a lot who are coming back. I am proud of our women, who are standing strong, coming back, defending the country, because the families were brought to the West. This is our home, we cannot live somewhere else, this is our home. Russian forces are close to Kyiv to the west and northwest, where there has been heavy fighting with Ukrainian troops.Ukrainian officials say that their ultimate aim is to surround the city with a view to seizing it. We are ready to defend our city and we are prepared to leave our hometown. Hundreds of thousands of Kyiv residents have fled to the relative safety of western Ukraine as the fighting grew closer.
Russia's invasion of Ukraine suggests that supply chain disruptions will continue to affect the U.S. economy, according to economists and industry experts.
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