| 29 May 2024, Wednesday |

Poland ready for Russian oil ban, says minister

Poland has reduced its reliance on Russian crude and secured alternative supply from sources like Saudi Arabia, so the country is ready for a Russian embargo on oil sales to nations enforcing a price ceiling, according to the climate minister on Thursday.

A $60 per barrel price restriction on Russian seaborne crude was agreed upon this month by the Group of Seven (G7) countries and allies, including Poland. In retaliation, President Vladimir Putin signed a directive on Tuesday prohibiting the delivery of crude oil and oil products to countries that adhere to the cap beginning on February 1 for a period of five months.

Poland has been gradually reducing its intake of Russian oil, and after the start of the war in Ukraine stopped buying seaborne Russian oil, top refiner PKN Orlen said. The company says it has secured alternative oil supplies via its partnership with Saudi Aramco.

“We are prepared to process all types of crude oil, this is our advantage,” Minister of Climate and Environment Anna Moskwa told a news conference.

Moskwa also said that she believed the next EU sanctions package would include a decision on banning Russian oil.

Poland is seeking German support to slap EU sanctions on the Polish-German section of the Druzhba crude pipeline so Warsaw can abandon a deal to buy Russian oil next year without paying penalties, two sources familiar with the talks told Reuters in November.

Poland and Germany promised in spring to try to end imports of Russian oil via Druzhba’s northern leg by the end of year, but Orlen remains tied to its contract with Russian oil and gas company Tatneft.

“We believe that the next sanctions package will include a decision on oil,” Moskwa said. “The sanctions cancel the contract with Tatneft.”

  • Reuters