USA resumes imports of Russian oil after a break of 18 months

The United States has resumed imports of Russian oil after a break of 18 months. 

Washington started importing oil from Russia in the autumn of 2023, and then made a second purchase.

In October last year, the United States purchased 36,800 barrels of Russian oil. The import value was evaluated at $2.7 million.

The following month, the purchase volume amounted to 9,900 barrels for $750,000. In both cases the fuel was purchased for consumption.

One barrel of Russian oil cost the buyer $74 in October and $76 in November, which was significantly higher than the G7 price cap of $60 per barrel.

The US banned imports of energy resources from Russia on March 8, 2022:

  • crude oil, 
  • petroleum products, 
  • petroleum fuels and oils, as well as their distillation products,
  • liquefied natural gas, c
  • coal and coal products.

In early December of 2022, the G7 countries set a price cap on maritime Russian oil on the level of $60 per barrel. In addition, leading Western insurance companies were prohibited from providing services to ship owners that violated restrictions on Russian raw materials.

Based on the results of January-November 2023, Russia’s income from oil exports decreased by 32 percent, US Treasury said. 

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Author`s name Angela Antonova