No More Kremlin Oil – EU Bans Russian Oil 🛢

No More Kremlin Oil – EU Bans Russian Oil

Breaking apart from this week’s busy earnings week and Federal Reserve meeting, new revelations on global war and energy will come into play very shortly. Announced in June of last year, the European Union’s sanctions against Russia have continued to take place, with the sixth package soon coming into effect Sunday. The EU has banned Russian exports of oil in a bid to place more pressure on the Kremlin during their invasion of Ukraine. The main goal is to reduce Putin’s fossil fuel export revenue, thus reducing their war finances to put an end to the year-long tirade. This embargo began in December, specifically targeted to restrict Russian crude oil; however, the second part of the ban coming shortly will completely eliminate any exports of refined petroleum products.

As Russia is the world’s largest oil producer, several energy analysts have claimed such a tactic has detrimental effects on the oil industry. It is theorized that the disruption in supply could create recessionary risks and market volatility. With tightened supply in Europe, officials determine prices of oil and gas to rise steadily in the process. Nevertheless, the ban will most likely set Russia to increase its exports to Asia, specifically to China and India. This is, however, not a perfect solution for Putin, as the transportation expenses for such areas are much higher. With the new Russian-Ukrainian war reaching its one-year anniversary this month, millions across the globe hope a heavily-sanctioned Russia will pursue a retreat, cutting their losses and sparing the world in turn.

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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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