Oil Embargo
The European Union's (EU) decision to prohibit Russian crude and refined products imports into the bloc came as little surprise to the market. Even though the ban will prevent seaborne oil flows to Europe from Russia, some Russian oil will continue flow via pipeline into several landlocked member states. Nevertheless, the impact on the tanker market will be extreme compared to the reallocation of trade seen to date which has been largely voluntary. Whilst only gradual change might be observed over the next few months, as the wind down period expires, the effect will be profound.
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