Sanctions against Russian oil giant Lukoil have not affected oil transit volume through Ukraine

The tightening of sanctions in June against Lukoil, the largest oil company in Russia, has not affected the volume of oil transit through Ukraine.

Source: Oleksii Chernyshov, CEO at Naftogaz, a Ukrainian state-run national oil and gas company, at a Zoom meeting with investors on 22 July, as reported by Forbes Ukraine

Details: "The total oil transit in July is standard if we compare the volumes with previous months, and there is no Lukoil oil in it," Chernyshov said in answer to a question from an investor about the solution to the problem of transit to Hungary and Slovakia.  

"Ukraine cannot transport Lukoil's oil, but the volume of total transit remains unchanged," Chernyshov emphasised.

"We don't think there is a risk of [oil] shortages in Europe," he said. 

"If the current oil suppliers do not fall under sanctions, Ukraine can continue transit," he added.

Background:

• Lukoil has stopped transporting oil to Hungary since the end of June 2024 after the National Security and Defence Council of Ukraine extended sanctions against it.
• Neither Hungary nor Slovakia will face fuel shortages after Ukraine banned the transit of Lukoil's oil to Eastern Europe, but prices at their petrol stations may rise.
• Hungary and Slovakia have asked the EU to help persuade Ukraine to resume the transit of Lukoil oil to Eastern Europe.
• Slovakia threatened to cut off fuel supplies, while Hungary threatened to stop electricity exports.

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