Russia is pumping more oil to Europe than it was before the war

The eu’s ban on Russian oil, agreed on May 30th, is off to an unpromising start. Since Russia invaded Ukraine in February, the amount of its oil pumped into the bloc has been increasing. It rose by 14% between January and April, from 750,000 to 857,000 barrels per day, according to Argus Media, a publisher. The embargo applies only to seaborne crude and petroleum products, for now covering just 75% of imports from Russia. Oil supplied by pipeline to a handful of countries in central and eastern Europe is temporarily exempt—a concession to Hungary, which had been blocking the agreement. Refiners in these countries are snapping up cheap Russian crude that most Western buyers are shunning.