May 24, 2022

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Index – Economy – Even with the introduction of the Russian oil embargo, Keller could gain

The European Union plans to ban Russian oil, and many countries are avoiding importing energy from the country. However, according to Shell, one of the world’s largest oil companies, a complete set of sanctions would be impossible without any way of tracing the origin of oil products.

Any source of crude oil, including Russian crude oil, can not be identified if it is refined elsewhere and resold as a product of that country.

Shell CEO Ben von Bourdain said Business Insider Technical issues with the planned EU ban.

Global distribution chains are very complex

“There are currently no systems in the world that can detect whether a particular molecule came from a geological formation in Russia,” he explained at a press conference of the oil company’s quarterly earnings report.

Van Bourdain’s view also highlights the difficulty in enforcing sanctions against Russian oil due to the complexity of global supply chains. However, the EU this week proposed a ban on Russian oil imports as part of the sixth set of sanctions against the occupation of Ukraine.

These measures apply to fuels produced directly in Russia, such as diesel and aviation fuel, but not to products refined from crude oil elsewhere in Russia. However, the European Commission has not yet changed its proposal: the Hungarian government, led by Victor Orban, has already vetoed the initiative, and Bulgaria and Slovakia have made reservations about the plan. Executive system in Brussels on Friday Put forward a new plan Involuntary member states.

Thus, diesel supplied by Russian crude oil from an Indian refinery qualifies as Indian diesel.

– Shell, the world’s largest oil trader, gave a strong example of Van Pyrton’s not trading with Russian allies and not buying crude oil from the country in spot markets. The company also plans to suspend its long-term Russian contracts by the end of this year.

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The energy company could write off assets of up to $ 5 billion Russia withdraws from oil and gas industry.

(Cover photo: Oil refinery in Volgograd, Russia, April 22, 2022. Photo: REUTERS PHOTOGRAPHER / file photo)