Singapore Imports Of Russian Naphtha Have Increased As A Result Of EU Embargo

According to government data, imports of Russian naphtha to Singapore substantially tripled during the first quarter of 2023 after the European Union’s embargo on Russian oil product imports. During this period, the Asia oil hub imported 741,000 tonnes of naphtha, accounting for approximately 23% of Singapore’s total naphtha imports, up from 261,000 tonnes imported in the fourth quarter of 2022.

made via Western ships and insurance, in order to minimise earnings for Moscow and keep global oil prices low.

Singapore’s naphtha exports have increased by 26% since Q4 2022, with important importers such as South Korea, China, Taiwan, and Japan flocking to Singapore for their needs.

Although Singapore is not subject to the EU ban, an official urged businesses here to examine the potential consequences of trading with Russian crude oil or refined goods.