October 5, 2022

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US: Sanctions against Russian energy sector are on the table, but

The United States has not ruled out imposing sanctions on Russia’s oil and gas industry. Nevertheless, potential consequences await the world’s largest energy market. White House spokeswoman Jen Zaki made the announcement today.

Why is this important?

Conditions for sanctions to hit Russia’s energy industry are, to say the least, sub-optimal: global oil prices have risen for eight years, and supply chain sanctions continue to accumulate.

Zaki said Washington was still considering attacking Moscow’s enormous energy sector in connection with Russia’s occupation of Ukraine. Reuters news agency writes based on TV interviews. But the spokesman also pointed out that the impact on global oil markets and US energy prices must be taken into account.

When asked if Washington and its Western allies would impose energy sanctions on Russia, Psaki told MSNBC: “(…) We are considering it. Much At the table, but we have to consider what all the consequences will be, ”it sounded.

“No one wants to be seen as a sponsor of the war against the Ukrainian people.”

Although Russian oil has not previously been identified as the target of extended sanctions, US traders in the largest oil hubs have cautiously stopped imports from Russian companies. This has already severely disrupted energy markets.

“People do not touch Russian barrels. You can see some in the water now, but they were bought before the invasion. There will not be many more after that.” Reuters interviewed the businessman In New York Harbor. “No one wants to see Russia buying goods and financing the war against the Ukrainian people,” he said.

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The Biden administration has warned that if the Moscow occupation against Kiev continues, it could now target Russian oil as well. But: “We want to keep the impact on the global market as small as possible, and this applies to the global oil market and its impact. Energy prices On the American people, “Psaki noted.” We are not trying to hurt ourselves, we are trying to hurt President Putin and the Russian economy. “

The United States is also reportedly preparing sanctions targeting Russian oligarchs and their companies and assets.

Meanwhile, the big Western oil companies are reducing their stakes Russian tires By After the BP and Shell sectors, US oil company ExxonMobil announced its gradual withdrawal from Russia.

OPEC +

A week after Russia’s invasion of Ukraine, oil prices rose to $ 113 a barrel today.

Meanwhile, at today’s meeting, OPEC + oil producers agreed to stick to their moderate production increase (400,000 barrels per day), Which provided little relief to consumers.

On Tuesday, the United States and its allies agreed to stockpile 60 million barrels of oil reserves to offset supply chain disruptions.

(Kg)