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The Latest Breaking News on US imposes new sanctions over Russian oil price cap violations, Kremlin influence in the Balkans

Exclusive-Russia sees sanctions impact on oil products, eyes crude export boost -senior source

Russia expects Western sanctions to have a significant impact on its oil products exports and therefore its production, but that will likely leave more crude oil to sell, a senior Russian source with detailed knowledge of the outlook told Reuters.

Reuters

Russia may hike taxes as military spending, oil price weigh on budget

Russia is becoming too dependent on oil revenues to support its budget as it ramps up military spending, economists said, warning that the government may have to raise taxes if prices of crude fail to meet expectations this year.

Reuters

Poland, Lithuania want lower Russian oil cap, nuclear curbs in new EU sanctions

Poland and Lithuania want to lower the price cap on Russian oil, and target Russia's nuclear sector under new European Union sanctions against Moscow and Minsk for the war in Ukraine, senior diplomats from the two EU countries said on Friday.

Reuters

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Falling Russian fossil fuel revenues could deal a lethal blow to Putin's war machine

Vladimir Putin is starting to see the main financing mechanism for his war in Ukraine dry up.

Fortune

The U.S. has thwarted Putin’s energy blackmail. Europe says ‘Tanks a lot!’

With European storage full and futures falling, energy alarmists are the only ones running out of gas, write Yale's Sonnenfeld and Tian.

Fortune

Report: Oil price cap takes small slice of Russia war chest

Russia's still making plenty of money from oil sales despite a price cap imposed by the Group of Seven major democracies

The Independent UK

Putin’s budget faces 'catastrophe' after price cap spells doom for Russian oil exports

Nearly a year after Russia invaded Ukraine, the Kremlin risks a massive revenue shortfall as the price of each barrel of oil it can sell on the world market falls dramatically.

Fortune

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G7 seeks two price caps for Russian oil products

The Group of Seven (G7) coalition will seek to set two price caps on Russian refined products in February, one for products trading at a premium to crude oil and the other for those trading at a discount, a G7 official said.

Reuters

Putin’s energy gambit fizzles as warm winter saves Europe

Russian President Vladimir Putin’s plans to squeeze Europe by weaponizing energy look to be fizzling, at least for now.

Tribune News Service

Poland ready for Russian oil ban, says minister

Poland is prepared for a Russian ban on oil sales to countries implementing a price cap, the climate minister said on Thursday, with the country having cut its intake of Russian crude and secured alternative supplies from producers such as Saudi Arabia.

Reuters

Ukraine news – live: No place in Bakhmut ‘not covered with blood’, says Zelensky

Vladimir Putin’s forces increasingly diminished at epicentre of fighting in Donbas, analysts believe

The Independent UK

Oil Prices Little Changed as Russia Unveils Export Ban

Russia on Tuesday banned oil sales to countries and companies that comply with a price cap agreed by Western nations, briefly helping to lift crude prices. "The supply of Russian oil and oil products to foreign legal entities and individuals is prohibited if the contracts for these supplies directly or…

Asharq Al-Awsat

Russia bans supply of oil to nations participating in Western price cap

Russian ban will come into force on 1 February 2023 and lasts until 1 July

The Independent UK

Russia bans oil sales to nations, firms complying with price cap

Moscow’s response to the Western price cap is to stop supplying crude oil and oil products from February 1.

Al Jazeera

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Fortune

Putin's energy blackmail plan could backfire on Russia's economy

Putin has tried using energy as a weapon against the West this year, but he risks going too far.

Asharq Al-Awsat

Putin Bans Russian Oil Exports to Countries That Imposed Price Cap

President Vladimir Putin on Tuesday delivered Russia's long-awaited response to a Western price cap, signing a decree that bans the supply of crude oil and oil products from Feb. 1 for five months to nations that impose the cap. The Group of Seven major powers, the European Union and Australia…

Asharq Al-Awsat

Russia May Cut Oil Output in Response to Price Caps, Says Deputy PM

Russia may cut oil output by 5%-7% in early 2023 as it responds to price caps on its crude and oil products by halting sales to the countries that support them, Deputy Prime Minister Alexander Novak told state television on Friday. Detailing for the first time the Russian response to…

Asharq Al-Awsat

Oil Rises $1 on Russian Supply Worries; US Storm Impact in Focus

Oil prices rose more than $1 on Friday on expectations of a drop in Russian crude supply, which helped offset worries of a hit to US transport fuel demand growth as a looming Arctic storm threatens travel during the holiday season. Brent crude was up by 73 cents, or 0.9%,…

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Radio France Internationale

Russia intends to cut oil output in response to Western price caps

As Russian President Vladimir Putin said he would sign a decree on Russia’s response to Western price caps on oil, Deputy Prime Minister Alexander Novak said output could be cut by 5 to 7 percent in early 2023.

France 24

US approves $45 billion aid package for Ukraine

The Democratic-controlled US House of Representatives gave final approval on Friday to a $45 billion aid package for Ukraine, as President Volodymyr Zelenskiy returned from Washington with the promise of Patriot missiles to help combat Russia's invasion. Read our live blog to see how all the day's events unfolded. All…

Bangkok Post

Crude oil prices continue to fluctuate due to the protracted Russia-Ukraine war and Russian oil price cap

Global political and economic directions shifted as soon as Russian President Vladimir Putin ordered the invasion of Ukraine under a “special operations” mission on 24 February 2022.

Fortune

Top energy historian says oil prices could go anywhere next year, it all depends on 3 factors

It's anyone's guess where oil prices go next year, but these three factors are likely to be critical.

Asharq Al-Awsat

Saudi Oil Exports Hit 30-Month High in October

Saudi Arabia’s crude oil exports rose for a fifth straight month in October to the highest in 30 months, the International Energy Forum (IEF) said on Monday, citing data from the Joint Organizations Data Initiative (JODI). Crude exports rose about 0.7% to 7.773 million barrels per day (bpd) in October,…

Foreign Policy

Why the Oil Price Cap Won’t Hurt Putin

The West wants to have its Russian oil price cake and eat it too.

The Times of India

Explainer: Why Russia remains India's top oil supplier for 2nd month in a row

NEW DELHI: India has become one of the main outlets for Russian seaborne crude oil ever since its invasion of Ukraine in February.

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