US ramps up imports of ‘banned’ Russian oil

The volume of Russian oil imports by the United States has increased by 43% from March 19 to 25 compared to the previous week, according to a new report by the US Energy Information Administration (EIA). Data showed the US imported up to 100,000 barrels of Russian crude per day.

Imports had been suspended during the week of February 19 to February 25. However, in early March, the weekly supply of Russian oil reached its maximum value in 2022, amounting to 148,000 barrels per day.

The ramp up comes despite US President Joe Biden’s signing of an executive order on March 8, banning energy imports from Russia and new investment in the Russian energy sector. The US Treasury has set a deadline for the completion of transactions for the import of oil, oil products, LNG, and coal from Russia into the country until April 22.

In 2021, Russian oil supplies to the United States more than doubled compared to 2020, reaching 72.608 million barrels. That is 3.3% of the US’ total imports. Russia has also provided 20% of the total supply of petroleum products to the United States.

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