European Union Bans Russian Crude Oil

By: SiliconExpert on June 2nd, 2022

On Monday, May 30, 2022, European Union leaders banned the import of Russian oil to their entire 27 member nations. Over two-thirds of all Russian oil exports go to the EU and would be a devastating blow to the Russian economy.


90% of all oil imports from Russia cut off by end of year

Ursula Von der Leyen, the head of the EU’s executive branch, said this sanction will “effectively cut around 90% of oil imports from Russia to the EU by the end of the year.”

The embargo covers Russian oil brought in by sea, allowing a temporary exemption for imports delivered by the Druzhba pipeline, a key concession to Hungary, which is heavily dependent on Russian oil.

The ban on seaborne imports will be imposed with a phase-in period of six months for crude oil and eight months for refined products.


Russian bank and state-owned broadcasters also banned

The EU leaders also announced they would be cutting off Sberbank, the largest national bank in Russia, from the SWIFT system and ban three Russian state-owned broadcasters. 

“[Russian broadcasters] will not be allowed to distribute their content anymore in the European Union, in whatever shape or form, be it on cable, via satellite, on the internet or via smartphone apps,” said European Commission president, Ursula von der Leyen. 

The EU Council President, Charles Michel, announced that EU leaders also agreed to provide Ukraine with a 9-billion-euro ($9.7 billion) tranche of assistance to support the war-torn country’s economy. It was unclear whether the money would come in grants or loans. 


Monitor Critical Resources and Components to Reduce Supply Chain Risk 

It is important for supply chain managers to maintain a close eye on suppliers and manufacturers as they respond to geopolitical events. Making sure that components and raw materials aren’t impacted by these events is a critical part of making sure manufacturing businesses aren’t disrupted. 

With SiliconExpert’s Supply Chain Risk Management tool, supply chain and procurement managers can monitor testing, assembly and fab sites in Russia, Ukraine, and any other location with a close relationship to them. Gain insights pulled from historical data and trends using machine learning to learn predictive intelligence on: 

  • Pricing 
  • Lead Time 
  • Inventory Levels 

This builds a complete understanding of how components and electronic products may be affected by a large conflict event. 

Get a free trial to SiliconExpert’s Part Search and BOM Manager and ask for a free demo of the Supply Chain Risk Management tool! 

SiliconExpert Free Trial

Subscribe to Our Blogs

Join 74,000+ Electronic Component Leaders who receive their updates and insight from SiliconExpert’ Tech Updates! Subscribe today and get access to articles on latest industry trends, tech updates, white papers, research, infographics , events, webinars, and more.

Subscribe Now