Romania supports the European Commission's proposal to ban oil imports from Russia, president Klaus Iohannis said. Romania is prepared for this situation, he assured, Radio Romania Actualitati reported.

Some of Europe's eastern countries, such as Slovakia and Hungary, expressed concerns about the economic impact of such a measure. Leading economies in Europe also warned about the impact.

"Russian oil can be replaced on the world market in the short term, but with additional costs and logistical challenges," German industry trade group BDI said shortly after European Commission President Ursula von der Leyen announced the proposed ban, as part of a new package of sanctions against Russia on May 4. "Given the oil embargo, energy prices will probably continue to rise," BPI said. 

Romania imports some 70% of the crude oil it refines (plus part of the diesel it uses), but out of this only a third (or a fifth of the total consumption) comes from Russia.

On the other hand, KazMunayGaz, which operates the country's largest refinery, imports oil from Kazakhstan through the Russian port Novorosiisk and the pipeline operated by the Caspian Pipeline Consortium (CPC) - both of which may come under Russian control in case the situation deteriorates.

OMV Petrom already announced that it is no longer using Russian oil, although this entails higher costs.

(Photo: Torsakarin/ Dreamstime)

andrei@romania-insider.com