"The various banking sanctions make it highly difficult for Russian petroleum sales to occur now," said John Kilduff, partner at Again Capital."Most banks will not provide basic financing, due to the risk of running afoul of sanctions."
"[W]e do think a number of Western firms may decide that it is not worth the risk of continuing to do business with Russia given the uncertainty about enforcement and the trajectory of future coercive action," RBC said Sunday in a note to clients. The group, as well as worldwide producers including the U.S., have kept oil supply in check as demand rebounded. Oil prices have been steadily climbing higher, with Russia's invasion the catalyst that pushed crude above $100.
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