Lukoil Says Refinery In Italy Will Continue Work After Introduction Of Russian Oil Embargo

MOSCOW (UrduPoint News / Sputnik - 02nd December, 2022) Russian company Lukoil's ISAB oil refinery is prepared to continue working even after the embargo on Russian oil is introduced, the company said on Friday.

"In view of upcoming restrictions on supply of oil from Russia to the countries of the European Union that enter into force on December 5, 2022, LITASCO SA (a LUKOIL Group company), being the owner of the ISAB s.r.l. refinery located in Italy, informs that it is ready to ensure uninterrupted operation of the refinery, given the feedstock stored up for the coming months and future deliveries of non-Russian origin oil," the statement said.

In response to Russia's operation in Ukraine, the European Union announced a ban on the provision of services and insurance for Russian oil supplies around the world, as well as a partial embargo on Russian oil. The restrictions are due to come into force on December 5, 2022, for seaborne imports of Russian crude and in 2023 for petroleum products.