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G7 and EU Plan Full Maritime Ban to Curb Russian Oil Revenue
The ban aims to cut Moscow's oil export revenue amid ongoing conflict and sanctions, with traders noting supply disruptions and the need for Russia to expand non-Western shipping fleets.
- This coming week G7 governments and the European Union discussed a maritime ban on Russian oil, driving ICE Brent up $0.46 to $63.72 bbl while WTI dipped $0.09 to $59.58 bbl.
- Russia's decision to delay a quick end to the war contributed to bullish oil sentiment as Ukrainian forces' strikes and Washington's sanctions on Rosneft and Lukoil affected diesel supplies.
- Refined fuel futures rose: NYMEX front-month ULSD futures increased $0.0593 to $2.3630 gallon and front-month RBOB futures climbed $0.0071 to $1.8342 gallon.
- Traders said Russia would need to expand its fleet of non‑Western shippers if the maritime ban came through, increasing pressure on Moscow amid the near four‑year Russia‑Ukraine conflict and Washington's search for a solution.
- Market participants expect the Federal Reserve to agree to a third 25-basis point rate cut at the Wednesday, Dec. 10 FOMC meeting, while the U.S. Dollar Index held steady at 98.97.
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17 Articles
The European Union and the G7 are jointly preparing a major crackdown on Russian oil. A proposal has been submitted for a complete maritime embargo on Russia.
G7, EU countries considering complete ban on oil transportation from Russia instead of price cap – media
The G7 countries and the European Union are negotiating to replace the price cap on Russian oil exports with a complete ban on maritime transportation, Reuters reports, citing six sources familiar with the situation.
Coverage Details
Total News Sources17
Leaning Left3Leaning Right2Center2Last UpdatedBias Distribution43% Left
Bias Distribution
- 43% of the sources lean Left
43% Left
L 43%
C 29%
R 28%
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