The U.S. and European Allies Seek to Ban Russian Oil Imports

Antony Blinken, U.S. secretary of state, said Sunday that the United States and its European allies would consider the possibility of stopping oil and natural gas imports from Russia. This is to stop Russia from invading Ukraine.

“I spoke to the president and the leading members of the Cabinet about this just yesterday from Europe, and we are now in very active discussions with our European partners about banning the import of Russian oil to our countries, while of course at the same time maintaining a steady global supply of oil,”

Antony Blinken said on NBC

The remarks sent WTI crude prices above $125 a barrel this morning.

  • Brent oil prices rose $12.73 to $130.84.
  • WTI crude oil rose $9.92 to $125.60.

Countries have announced sanctions against Russia for invading Ukraine with military force, which has far-reaching implications for Russia as Russia has no access to foreign exchange reserves and several Russian banks have been excluded from the SWIFT system.

In addition, MSCI, a global stock market index for Russian equities, was removed from the MSCI Emerging Markets indices and placed in the “Standalone Markets” category, on the grounds that it was unlikely to invest in Russian equity markets.

The Spot Market is Open

Monday, March 7, 2022

Energy
Updated at
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Crude Oil
10.15

124.22

+8.54

7.38%

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