The vast majority of Russia’s oil exports are purchased by Europe and China, which together account for 90 percent of the country’s total exports.
That’s made it tougher for Europe to enact similar bans as the U.S. on Russian imports and lessens the economic hit to Moscow from the Biden administration’s decision this week to cut off Russian oil.
Canada’s plan to help offset Russian oil ban for Europe expected by March 23: minister
Natural Resources Minister Jonathan Wilkinson says it will be another week or two before Canada will know with certainty how much extra oil it can produce and ship to help offset bans on the use of fossil fuels from Russia.
But he says longer-term conversations about Canada partnering with Europe on renewable energy are likely more realistic and more lucrative.
