Italy Increases Russian Oil Imports Amid Possible Embargo

Italy has increased its purchases of Russian oil despite the European Union's plans to impose an embargo on energy resources, as reported by the Financial Times.

In May, Russia exported approximately 450,000 barrels of oil per day to Italy, marking a record volume since 2013, according to the publication.

Two-thirds of the imports are handled through the Sicilian port of Augusta. There has also been an increase in Russian oil exports through the Italian port of Trieste, where the Transalpine pipeline, which leads to Germany, begins.

According to Alessandro Tripoli, the general secretary of FEMCA CISL in Sicily, EU sanctions have spurred the increase in imports. He noted that before the sanctions, only 30% of the oil processed by ISAB was Russian, while now it stands at 100%, as Italian banks have blocked the credit lines of the oil refinery, making Lukoil the sole supplier.