Finland cuts oil purchases from Russia by 70%

Finland managed to cut the amount of oil it imports from Russia just after the invasion of Ukraine started in late February, Report informs referring to Bloomberg.

The Nordic country imported 70% less crude oil from its eastern neighbor in March, replacing it mainly with imports from Norway.

The value of oil purchases from Russia fell 45% from a year earlier.

“Finland’s trade relations with Russia are gradually collapsing,” Pasi Kuoppamaki, Helsinki-based chief economist at Danske Bank A/S, wrote in a note. The large increase in the value of imports will be a 'temporary phenomenon,' as Finland is cutting the use of Russian energy, he added.