Russian oil profoundly influences global energy markets, subject to evolving geopolitical tensions and international sanctions. Its production and export...
Russia is one of the world's largest oil producers and exporters. Its crude oil and petroleum products are crucial for global supply, influencing international prices and energy security.
Key sanctions include import bans by the U.S. and UK, an EU sea-borne import ban (with exceptions), and the G7/EU price cap mechanism aimed at limiting Russia's oil revenues.
Sanctions initially rerouted Russian oil exports from Europe to Asia, particularly India and China, often sold at a discount. They have led to shifts in global shipping routes and tanker availability.
The G7 price cap, set at $60 per barrel, aims to restrict Russia's oil revenues while keeping Russian oil flowing globally. It prohibits Western companies from providing shipping, insurance, or financing for Russian oil sold above this cap.