Ukraine cuts foreign currency spending on fuel imports by 36% in 2020

Ukraine reduced foreign currency spending on fuel imports in 2020, to US$3.396 billion, which was 36% down against 2019.

Read alsoCoronacrisis: Ukraine cuts exports, imports of goodsFuel imports from Russia alone totaled US$1.227 billion, which accounted for 36% of overall spending on the imports, Ukraine's State Customs Service said on its website.

Fuel imports from Belarus amounted to US$1.216 billion (35.8%) and from Lithuania to US$395.8 million (11.6%).

Over the reporting period, US$557 million worth of fuel was imported from other countries.

In 2020, some 8.023 million tonnes of petroleum products was imported into Ukraine, which was 4.7% down from 8.427 million tonnes reported in 2019.

Background

• Foreign currency spending on imports of petroleum products into Ukraine in 2019 shrank by 6.7%, to US$5.315 billion, while shipments of fuel from abroad in 2018 grew by 31%, to US$5.5 billion.
• In April 2020, the price of Brent crude oil tumbled to a record minus US$20 per barrel over the coronavirus pandemic.
• By the end of December, its price rose to US$47 per barrel.