sanctions

Among the biggest questions for crude markets today is where Russia’s export volumes are headed and to whom.

Russia is looking like a riskier spot for big service companies to do business, but they are not rushing to get out.

Fresh restrictions will likely impact raw material markets globally as the EU and others attempt to squeeze the Russian economy following its invasion of Ukraine.

The White House has made its latest move against Russian oil and gas interests as it acknowledged that its European partners are not able to take such drastic steps.

The largest US oil and gas company is ending its 25-year presence in Russia following its invasion of Ukraine and subsequent international sanctions.

A week after its certification was halted, the company managing the Gazprom-operated pipeline has let go its staff and says its website has been attacked.

The European energy sector is redrawing its energy map as BP, Shell, and Equinor announce plans to pull out of Russia. The moves will result in many billions of dollars in writeoffs.

Sanctions imposed on Russia spare the oil and gas industry because US elected leaders fear voter outrage over higher prices and short supplies.

The Nord Stream 2 consortium is laying pipe in Danish waters despite US sanctions. A deal is anticipated that will allow the pipeline to be built if Germany defends Ukraine’s interests as a transit state for Russian gas.

Europe’s gas pipeline wars are in a muddle as the US throws its support to the EastMed project to supply Israeli gas to Italy, transiting Greece and Cyprus; while at the same time the US is sanctioning the Russian-German Nord Stream 2 pipeline, which is already 90% complete.