“We support the European Union in imposing sanctions on Russia in order to put pressure on that country’s government and its leadership. Now we are banning oil imports from Russia to Norway by sea,” the Norwegian government officially announced.
“Crude oil and petroleum products import ban from Russia takes effect immediatelybut the regulation provides the transition period for deliveries of crude oil until December 5, 2022, and for petroleum products until February 5, 2023.“- added in the statement.
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Russia without technical support
Norway itself is a major oil exporter, so the import ban may not seem painful for Russia, but further restrictions may be more burdensome. Government of Norway it also prohibited the provision of technical and technological assistance, financing investments related to the purchase, import or transfer of oil. It is forbidden to transport and facilitate Russian oil to third countries.
Norway can afford a ban on oil or diesel oil imports from Russia quite easily, because it has its own huge deposits of both oil and gas. Last year oil from Norway accounted for 2 percent. global supplies, and in gas exports this country was second only to Russia and Qatar, providing 3 percent. global supply. Crude oil exports were 1.2 million barrels / day to Europe and 0.2 million barrels / day to China. For comparison, Russia exported a total of 5 million barrels a day before the war.
See also: The EU has decided to use one of the heaviest sanctions it has in its arsenal
Ten days ago, Canada imposed similar sanctions on Russia, banning exports 28 services essential for the operation of the oil, gas and chemical industries, including technical, management, accounting and advertising services. The ban on the export of oil, gas and chemical services is directed against the Russian industry, which accounts for around 50 percent of the country’s economy. revenues to the federal budget of Russia.
