EU has failed to agree to a package of sanctions against Russia

The EU has failed to agree to a package of sanctions against Russia, ahead of a peace conference to be held in Switzerland. Member states met during the G7 summit in Italy to discuss a set of sanctions put forward by the European Commission at the beginning of May. The sanctions would have been the

US not asked India to halt Russian oil imports

The United States has not asked India to cut Russian oil imports as the goal of sanctions and the G7-imposed $60 per barrel price cap is to have stable global oil supplies while hitting Moscow’s revenue, an American treasury official said. India has emerged as one of the top buyers of Russian sea-borne oil since

EU prohibits vessels attempt to circumvent sanctions

The European Union proposed prohibiting access to its ports for vessels that attempt to circumvent sanctions on Russian oil as it seeks to deter transport of its crude and products below the price caps set by the Group of Seven nations. The measure is part of a broader package of sanctions on Russia following the

Russia demanding importers to pay in rubles to avoid West sanctions

After being ostracized by Western countries following his invasion of Ukraine, Russia President Vladimir Putin is trying to force the world to reengage with the Russian economy—sanctions be damned—by leveraging the one thing the West still buys from Russia: energy. Putin ordered that gas contracts with “unfriendly” countries—those responsible for sanctions against Russia—be settled in

IOC buys Russian Urals crude from Vitol

Indian Oil Corp, the country’s top refiner, bought 3 million barrels of Russian Urals from trader Vitol for May delivery, trade sources said, its first purchase of the grade since Russia invaded Ukraine on Feb. 24. Western sanctions against Russia have led many companies and countries to shun its oil, depressing Russian crude to record

War, sanctions impact Russian oil products trade

The unfolding war in Ukraine and a wave of Western sanctions have started to affect oil product flows in Russia. Last week Russia closed all ports in the Sea of Azov due to risks that ships there could come under fire from Ukrainian forces. At the same time Belarus is poised to reroute its oil