Russian oil – Oil & Gas 360

Lawmakers demand tougher sanctions on Russian oil

October 23, 2024

(Oil Price) – More than 50 members of Congress have signed a letter calling on the U.S. government to toughen sanctions on Russian oil and questioning an exception granted to U.S.-based oil-services company Schlumberger (SLB) that has allowed it to continue operating in the country. Representatives Lloyd Doggett (Democrat-Texas) and Jake Auchincloss (Democrat-Massachusetts) said they and 50 other members of Congress sent the

U.S. imposes first sanctions for Russian oil price cap violations

October 13, 2023

World Oil (Bloomberg) – The U.S. imposed the first sanctions for violations of the price cap on Russian oil introduced by the Group of Seven nearly a year ago, as signs mount the restriction is failing to cut Kremlin revenues as hoped. The Treasury Department called the steps a new phase in the enforcement of a policy aimed at limit

Fuels from Russian oil gets backdoor entry into Europe via India

April 5, 2023

Nasdaq NEW DELHI – Record high imports of crude oil from Russia in fiscal 2022-23 helped India’s refiners boost exports of diesel and jet fuel to Europe as the continent shunned Russian products, preliminary ship-tracking data from Kpler and Vortexa showed. Access to cheap Russian crude has boosted output and profits at Indian refineries, enabling them to export refined products

Price cap on Russian oil comes into effect

December 5, 2022

Oil Price The price cap of $60 per barrel for Russian oil devised by the G7 and supported by the European Union comes into effect today, aiming to curb Russia’s revenues from oil exports while keeping flows into the international market flowing. The cap was agreed upon just before the deadline by the European Union after holdouts including Poland and

Oil prices fall more than $2 on Russian oil price cap talks

November 23, 2022

US News LONDON – Oil prices fell by more than $2 a barrel on Wednesday as the Group of Seven (G7) nations looked at a price cap on Russian oil above where the crude grade is currently trading. Brent crude futures fell $2.82, or 3.19%, to $85.54 a barrel by 1450 GMT, while U.S. West Texas Intermediate (WTI) crude

The U.S. will not use secondary sanctions to enforce a Russian oil price cap

September 26, 2022

Oil Price Secondary sanctions will not be imposed on financial institutions or insurers providing transportation services for Russian oil, a U.S. Treasury Department official said on Monday. The G7 and its Western allies have been studying for weeks the idea of exempting Russian oil from the maritime insurance and financing ban from the EU only if that oil is sold at

The G7’s price cap on Russian oil begins to take shape

September 12, 2022

Nasdaq WASHINGTON – The Group of Seven countries is working to cap the price of Russian oil in an attempt to limit Moscow’s ability to fund its invasion of Ukraine, a plan analysts say could work in the long term but might boost oil prices in coming months. Officials in G7 countries, including U.S. Treasury Secretary Janet Yellen, say

EIA expects Russian oil output to take hit in 2023 from EU sanctions

June 8, 2022

World Oil (Bloomberg) — The European Union’s ban on seaborne imports of Russian petroleum in response to Russia’s invasion of Ukraine will lead to an 18% drop in the country’s fuel output by the end of next year, the Energy Information Administration (EIA) said in a monthly report. Production of Russian liquid fuels is set to reach 9.3 million barrels

U.S. to suggest tariffs on Russian oil as alternative to embargoes

May 17, 2022

Reuters U.S. Treasury officials said on Tuesday they plan to propose at this week’s G7 finance meeting that European countries impose tariffs on Russian oil, as a faster alternative to an outright oil embargo. European Union officials are considering a phased embargo on imports of Russian crude as its next response to Moscow’s war in Ukraine, but concerns from some

Oil jumps 4% as EU proposes ban on Russian oil

May 4, 2022

Reuters LONDON: Oil prices jumped on Wednesday as the European Union, the world’s largest trading bloc, spelled out plans to phase out imports of Russian oil, offsetting demand worries in top importer China. Brent crude futures rose $3.99, or 3.8%, to $108.96 a barrel by 1121 GMT. West Texas Intermediate crude futures rose $4.05, or 4%, to $106.46 a barrel.

EU set to ban Russian oil, ministers hold crisis talks on gas

May 2, 2022

Yahoo BRUSSELS -The European Union was preparing a ban on Russian oil, with possible exemptions for wary countries, as EU energy ministers on Monday held crisis talks on Moscow’s demand that foreign buyers pay for gas in roubles or lose their supply. The European Commission is expected to propose a sixth package of EU sanctions this week against Russia over

Russian oil embargo could be part of next EU sanctions package, ministers say

April 11, 2022

Nasdaq LUXEMBOURG – The European Union’s executive is drafting proposals for an EU oil embargo on Russia, the foreign ministers of Ireland, Lithuania and the Netherlands said on Monday, although there is still no agreement to ban Russian crude. “They are now working on ensuring that oil is part of the next sanctions package,” Irish Foreign Minister Simon Coveney said

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