Finland's trade relations with Russia are deteriorating.
Finland has reduced imports of oil from Russia 70% in March 2022. Finland's trade relations with Russia are gradually collapsing. According to Bloomberg, the country's oil imports were offset by supplies from Norway.
According to customs data, Finland imported 70% less crude oil from Russia in March, replacing it mostly with imports from Norway. The cost of buying oil from Russia has fallen by 45% compared to last year.
“Finland's trade relations with Russia are gradually collapsing,” said Passe Kuoppamaki, chief economist at Danske Bank A/S in Helsinki.
< According to the analyst, a large increase in the value of imports will be a "temporary phenomenon" as the country reduces the use of Russian energy.
In a separate report, the statistical office indicates that Finland imported 92% of natural gas from Russia in 2021. The value of gas imports rose by 282% in March to 151.4 million euros.
It is noted that data on gas imports are not yet available. Gas accounts for only 5% of Finland's energy consumption.
Read also: EU plans to agree on oil sanctions against Russia this week
Earlier, European Commission President Ursula von der Leyen proposed that EU countries impose a ban on imports of crude oil from Russia for six months, and oil products – until the end of 2022.
According to her, the sixth package of EU sanctions against Russia will be aimed at banks, including Sberbank and on oil.
The issue of restricting energy exports from Russia has been actively discussed in the EU for several weeks. Read more about this in Mikhail Gonchar's article “Europe in Russia's energy trap: how to overcome dependence?” .
