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Italy imports more Russian oil despite impending embargo

An external view of the ISAB refinery in Priolo-Gargallo near Syracuse, Sicily, Tuesday, May 31, 2022. The ISAB, owned by Russia’s Lukoil, employs 1,000 people directly and another 2,500 in related activities. In an ironic turn, Italy has increased its imports of Russian oil in a period when the rest of Europe has been slashing its purchases from Moscow, even before the sanctions. That’s because banks have refused to take the risk of extending credit to Russia-controlled ISAB that would allow them to buy oil from non-Russian sources, even if financial sanctions did not specifically bar them from doing so. (AP Photo/Gaetano Adriano Pulvirenti) An external view of the ISAB refinery in Priolo-Gargallo near Syracuse, Sicily, Tuesday, May 31, 2022. The ISAB, owned by Russia’s Lukoil, employs 1,000 people directly and another 2,500 in related activities. In an ironic turn, Italy has increased its imports of Russian oil in a period when the rest of Europe has been slashing its purchases from Moscow, even before the sanctions. That’s because banks have refused to take the risk of extending credit to Russia-controlled ISAB that would allow them to buy oil from non-Russian sources, even if financial sanctions did not specifically bar them from doing so. (AP Photo/Gaetano Adriano Pulvirenti) The San Sebastian oil tanker is moored at the docks of the ISAB refinery in Priolo-Gargallo near Syracuse, Sicily, Tuesday, May 31, 2022. The ISAB, owned by Russia’s Lukoil, employs 1,000 people directly and another 2,500 in related activities. In an ironic turn, Italy has increased its imports of Russian oil in a period when the rest of Europe has been slashing its purchases from Moscow, even before the sanctions. That’s because banks have refused to take the risk of extending credit to Russia-controlled ISAB that would allow them to buy oil from non-Russian sources, even if financial sanctions did not specifically bar them from doing so. (AP Photo/Gaetano Adriano Pulvirenti) An external view of the ISAB refinery in Priolo-Gargallo near Syracuse, Sicily, Tuesday, May 31, 2022. The ISAB, owned by Russia’s Lukoil, employs 1,000 people directly and another 2,500 in related activities. In an ironic turn, Italy has increased its imports of Russian oil in a period when the rest of Europe has been slashing its purchases from Moscow, even before the sanctions. That’s because banks have refused to take the risk of extending credit to Russia-controlled ISAB that would allow them to buy oil from non-Russian sources, even if financial sanctions did not specifically bar them from doing so. (AP Photo/Gaetano Adriano Pulvirenti)
Italy imports more Russian oil despite impending embargo