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US Takes Steps to Further Push Russian Oil Sanctions

OIL

The US Treasury Department appears to be pushing harder on sanctions against Russian oil again.

  • It has sent notices to 30 ship management companies requesting information about around 100 vessels that may be in breach of the $60/bbl price cap sanctions according to a Reuters source who has seen the document.
  • The source said it is the biggest step yet to enforce the sanctions which have been largely untouched yet.
  • The US in mid-October imposed the first sanctions on owners of tankers carrying Russian oil priced above the G7's price cap, one in Turkey and one in the UAE, in an effort to close loopholes in the mechanism designed to punish Moscow for its war in Ukraine.
  • Argus reported earlier that its price assessments of Russia Urals are heading back towards the $60/bbl level as global benchmarks have drifted lower.
  • The headline about potential harsher enforcement of sanctions helped to push oil to its highest levels since November 7.
  • Brent JAN 24 up 0.8% at 82.1$/bbl
  • WTI DEC 23 up 0.8% at 77.79$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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