Sanctions are impending for the heavy oils

The European Union, the G-7 and its allies will attempt to impose a cap on Russia’s fuel export prices from February 5, 2023. While similar measures are already in place on its crude shipments, it is the cap and ban on refined fuels — and in particular diesel — that has some oil-market watchers concerned

Putting a price cap on Russian oil on the G-7 negotiators agenda

Group of Seven negotiators agreed that discussions on a potential price cap on Russian oil had progressed enough to send the issue to leaders to discuss at a summit starting in Germany. The negotiators known as sherpas held what one official described as ‘intense’ talks on the matter in the Bavarian Alps ahead of the

Banning Russian LNG tough without supply alternatives

Japan’s trade minister said it would be difficult for the Group of Seven nations to ban Russian liquefied natural gas imports unless alternative suppliers can be found. The G-7 nations including Japan have decided to ban or phase out coal and oil imports from Russia as part of sanctions imposed in response to its invasion