Special Report

Countries Most Dependent on Russian Oil

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10. Poland
> Russian oil imports: 54.9% of all oil imports and domestic production
> Total value of Russian oil imports: $5.0 billion
> Total value of domestic oil production: $604.4 million
> UN resolution vote to condemn Russian invasion of Ukraine: In favor

Poland, one of the biggest users of Russian oil, has taken steps to wean itself off that import. Polish Prime Minister Mateusz Morawiecki said on March 30 that his country wants to stop using Russian oil by the end of this year. Morawiecki added that shifting to renewable energies would help Poland become independent from Russian energy.

Poland’s leading refiner, PKN Orlen, has contracts with Russian oil companies Rosneft and Tatneft that expire at the end of 2022 and 2024, respectively. The Eastern European nation has boosted oil purchases from Saudi Arabia. Other nations that could supply oil to Poland include Norway, the U.S., Iran, and Venezuela.

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9. Finland
> Russian oil imports: 57.6% of all oil imports and domestic production
> Total value of Russian oil imports: $3.4 billion
> Total value of domestic oil production: $245.2 million
> UN resolution vote to condemn Russian invasion of Ukraine: In favor

Finland, which imports more than 50% of its oil from Russia, voted to condemn the Russian invasion of Ukraine. The Nordic country treads carefully in demanding full-blown sanctions against Russia given the fact that its massive neighbor to the east attacked it in November 1939, starting the so-called Winter War. Finland is a member of the European Union but is not a member of NATO. Finland has hydropower and natural gas relationships with Russia.

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8. Slovakia
> Russian oil imports: 62.3% of all oil imports and domestic production
> Total value of Russian oil imports: $1.5 billion
> Total value of domestic oil production: $87.9 million
> UN resolution vote to condemn Russian invasion of Ukraine: In favor

Slovakia, the eastern part of the former Czechoslovakia, is the central European nation most dependent on Russian oil. Though Slovakia voted in favor of the U.N. resolution to condemn the Russian invasion of Ukraine, Slovak leaders such as Economy Minister Richard Sulik believe a ban on Russian energy imports would be devastating for the Slovak economy.

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7. Latvia
> Russian oil imports: 64.1% of all oil imports and domestic production
> Total value of Russian oil imports: $1.2 billion
> Total value of domestic oil production: $24.4 million
> UN resolution vote to condemn Russian invasion of Ukraine: In favor

In an interview on Bloomberg Television, Latvian President Egils Levits said his nation will rely less on Russian energy. Levits supports sanctions and considers them a cost for the country’s freedom and independence. “Latvia has decided to cut energy dependence on Russia as soon as possible,” he said. Latvia also imports 90% of its natural gas from Russia.

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6. Mongolia
> Russian oil imports: 66.4% of all oil imports and domestic production
> Total value of Russian oil imports: $696.1 million
> Total value of domestic oil production: $269.0 million
> UN resolution vote to condemn Russian invasion of Ukraine: Abstained

Mongolia, a landlocked nation located between China and Russia, abstained from the U.N. resolution vote to condemn Russia’s invasion of Ukraine. In October, Mongolian representatives met with Ukrainian business and government leaders to discuss how to improve the business environment between the two countries. The Russian invasion has complicated that emerging relationship, particularly because Mongolia imports most of its oil from Russia.

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