Are some countries still buying Russian oil?
Reuters identified 11 countries that allow their oil companies to remain "major takers of Russian crude" in the midst of Russia's ongoing invasion of Ukraine: China, India, Germany, Greece, Italy, Netherlands, Hungary, Bulgaria, Croatia, Slovakia and Indonesia. The U.S., Canada, Britain and Australia have banned Russian oil imports. Oil and gas giants BP, Shell and TotalEnergies are limiting or phasing out Russian oil dealings.
Another punitive measure taken by governments against Russia is the European Union's removal of seven Russian banks from SWIFT — the Society for Worldwide Interbank Financial Telecommunications — which facilitates international money transfers. However, the EU exempted Russian banks handling energy payments given that European nations are still purchasing Russian oil and gas.