How much money will St. Petersburg and the Leningrad region lose due to the EU oil embargo

Alexey Belogoryev, Deputy Principal Director on Energy Studies of the Institute for Energy and Finance, commented to the FederalPress Internet portal on the possible losses of St. Petersburg and the Leningrad Region due to the EU oil embargo.

According to the Federal Customs Service, almost half of the domestic oil exports from the Leningrad region accounted for the European Union. In total, Russia sold 230 million tons of crude oil and 144 million tons of oil products last year.

“Given that logistics has been established in the ports of St. Petersburg and the Leningrad Region, I think that most of the cargo will remain, but the transportation distance will increase. And this is covered by the discounts with which Russian oil is currently being sold,” Alexey Belogoryev said.