The European Union's sanctions on Russian oil shipments will take effect on Monday. The US has said ships loaded with Russian oil before 5 December and unloaded at destinations before 19 January won't be subject to the price cap.The European Union's sanctions on Russian oil will take effect on Monday, and energy markets are headed for uncharted waters in the months ahead.
The EU sanctions exempt imports delivered via Russia's Druzhba pipeline to certain landlocked countries in Central Europe — a concession to Hungary, which is led by Vladimir Putin ally Viktor Orban.At the same time, G7 member countries as well as Australia are participating in a price cap on Russian oil, although the specific price has yet to be decided. The EU's leadership has proposed a cap at $60 per barrel, but Poland and Baltic states are pushing for a lower price.
But 2.4 million barrels of Russian oil that once flowed to the EU will have to find new destinations, and Asian markets are unlikely to pick up all the slack. Top oil trader Vitol predicted Russian oil exports could fall by up to 1 million barrels per day, or 20% of its seaborne volume.
BISouthAfrica Yey we want that oil, we don’t care how it reaches us but syawfuna
BISouthAfrica Stupid hurts
BISouthAfrica The rest of the world must stand up against this Satanist now or never