December 01, 2022 | Claire Jungman and Daniel Roth
What the EU Ban on Russian Oil Could Mean for Iran
On December 5, the European Union will ban Russian crude oil imports EU tankers will also be barred from transporting, insuring, and financing Russian oil shipments. Northern Europe – previously Russia’s biggest customer – has already slashed seaborne Russian oil imports by over 90%, according to Bloomberg. To make up for the deficit, Russia has rerouted much of its supply to India, China, and other Asian countries at discounted prices.
This is bad news for Iran, which now faces competition from Moscow in China.