Where Barrels Go
It has been almost two months since Russia invaded Ukraine. Over this period, we have seen several rounds of sanctions being placed by Western governments. Most notably for our sector, Russian crude/oil products trade into the US has been banned, the UK has pledged to eliminate Russian crude/oil product imports by the end of 2022 and the EU focused on cutting dramatically over time its reliance on Russian crude and products. Sanctions have also been placed on the Russian tanker fleet, whilst there has been notable self-sanctioning by many oil companies with refining assets in Europe.
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