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☆ New sanctions starting to bite Russia's economy as Moscow admits deficit impact
▼ + stars: | 2022-12-27 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Russian President Vladimir Putin speaks during a news conference after a meeting of the State Council on youth policy in Moscow, Russia, December 22, 2022. The latest round of Western sanctions against Russia over its invasion of Ukraine are beginning to pinch the country's economy. However, Moscow should be able to finance the shortfall through domestic bond issuance and its rainy day fund, officials have suggested. The 27 countries of the EU also agreed in June to ban the purchase of Russian crude oil from Dec. 5. "High-frequency data show that Russian oil exports have fallen since the sanctions were introduced and the spread between Brent crude oil prices over Urals oil prices widened to a six-month high [last] week."

☆ Rouble plunges below 68 per dollar to hit over 7-month low
▼ + stars: | 2022-12-19 | by ( Alexander Marrow | ) www.reuters.com time to read: +2 min

Summary Rouble dives around 5% against dollar, yuanHits 68.1100 vs dollar, weakest since May 11Weak oil prices, sanctions fears hurtThis content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, Dec 19 (Reuters) - The Russian rouble slumped past 68 per U.S. dollar to a more than seven-month low on Monday, hurt by low oil prices and fears that sanctions on Russian oil could crimp the country's export revenue. By 1248 GMT, the rouble was 5.3% weaker against the dollar at 68.02 , its weakest mark since May 11. The currency also lost 4.2% to trade at 72.00 against the euro , its weakest since May 6. Relatively low oil prices and risks of lower export revenue in the light of the $60-a-barrel price cap on Russian oil imposed by the G7, the European Union and Australia, have pressured the rouble. The dollar-denominated RTS index (.IRTS) was down 5.4% to 982.8 points, a more than two-month low.

[1/6] Commercial vessels, including oil tankers, wait at an anchorage in the Black Sea off Kilyos near Istanbul, Turkey, December 9, 2022. A total of 28 oil tankers are in a queue seeking to leave the Bosporus and Dardanelles straits, the Tribeca shipping agency said on Friday. Turkey's maritime authority said it would continue to keep out of its waters oil tankers that lacked appropriate insurance letters. A shipping source said four of the tankers waiting to cross the Dardanelles were scheduled to go on Saturday with tug escorts. Millions of barrels of oil per day move south from Russian ports through Turkey's Bosphorus and Dardanelles straits into the Mediterranean.

☆ Twenty oil tankers wait to cross Istanbul's Bosphorus Strait -shipping agency
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +2 min

ISTANBUL, Dec 9 (Reuters) - One more tanker took to 20 on Friday the number of vessels waiting in the Black Sea to pass through Istanbul's Bosphorus Strait on the way to the Mediterranean, the Tribeca shipping agency said, amid talks to disperse the build-up. On Thursday, dismissing pressure from abroad over the lengthening queue, Turkey's maritime authority said it would continue to keep out of its waters oil tankers that lacked the appropriate insurance letters, and it needed time for checks. Eight tankers were also waiting for passage through the Dardanelles strait into the Mediterranean, down from nine a day earlier, Tribeca said, making a total of 28 tankers waiting for southbound passage. It requires vessels to provide proof of insurance covering the duration of their transit through the Bosphorus strait, or when calling at Turkish ports. Reporting by Daren Butler and Can Sezer; Editing by Himani Sarkar and Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

China, Russia's top oil buyer, has not agreed to the price cap. The light sweet crude is favoured by Chinese refiners due to their proximity and the oil's high middle-distillates yield. At current Brent levels, the $6 discount implies a price of $68 a barrel including freight and insurance costs. "They (independent plants) don't really care about the price cap. With the price cap in place, China, India and Turkey could have more bargaining power, the analysts added.

☆ Number of oil tankers waiting at Bosphorus rises by five - Turkish agency
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +2 min

ISTANBUL, Dec 8 (Reuters) - The number of oil tankers waiting in the Black Sea to cross Istanbul's Bosphorus strait on the way to the Mediterranean rose by five to 16 on Thursday, a shipping agency said, amid talks between Western and Turkish officials on steps to resolve the tanker queues there. A British Treasury official has said those talks were happening after the G7 and European Union rolled out new restrictions on Dec. 5 aimed at Russian oil exports. But a separate Turkish measure in force since the start of the month has caused a logjam, requiring vessels to provide proof they have insurance covering the duration of their transit through the Bosphorus strait or when calling at Turkish ports. The Tribeca shipping agency named five new tankers longer than 200 metres waiting north of the Bosphorus strait to cross southbound towards the Mediterranean Sea, in addition to the 11 named a day earlier. At the Dardanelles strait further south, nine tankers were waiting to cross southbound, down from 12 a day earlier, the agency said.

[1/2] Oil product tanker Lila Fujairah sails in the Bosphorus, on its way to the Mediterranean Sea, in Istanbul, Turkey December 6, 2022. REUTERS/Yoruk IsikCompanies Ingosstrakh SPAO FollowLONDON, Dec 7 (Reuters) - Western officials are in talks with Turkish counterparts to resolve oil tanker queues off Turkey, a British Treasury official said, after the G7 and European Union rolled out new restrictions on Dec. 5 aimed at Russian oil exports. "The UK, U.S. and EU are working closely with the Turkish government and the shipping and insurance industries to clarify the implementation of the Oil Price Cap and reach a resolution," the official told Reuters. At least 20 oil tankers continue to face delays to cross from Russia's Black Sea ports to the Mediterranean as operators race to adhere to the Turkish rules. "The (insurers) have agreed that they cannot and should not issue such a letter," UK P&I said in a statement on its website.

☆ Price cap, oil embargo are 'new economic shock' for Russia, say c.bank analysts
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: 1 min

Companies Central Bank of the Russian Federation FollowMOSCOW, Dec 7 (Reuters) - A Western price cap and a European Union embargo on Russian oil are a new economic shock that could significantly reduce Russia's economic activity in the coming months, central bank analysts said in a report on Wednesday. The price cap on some Russian oil exports, to be enforced by the G7 nations, the European Union and Australia, comes on top of the EU's embargo on imports of Russian crude by sea and similar pledges by the United States, Canada, Japan and Britain. Reporting by Elena Fabrichnaya and Alexander Marrow; editing by David EvansOur Standards: The Thomson Reuters Trust Principles.

☆ Oil prices fall on economic fears, dollar strength
▼ + stars: | 2022-12-06 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

LONDON, Dec 6 (Reuters) - Oil prices fell in a volatile market on Tuesday as the U.S. dollar stayed strong and economic uncertainty offset the bullish impact of a price cap placed on Russian oil and the prospects of a demand boost in China. Brent crude futures fell $1.21, or $1.46%, to $81.47 a barrel by 1254 GMT. In China, more cities are easing COVID-19-related curbs, prompting expectations of increased demand in the world's top oil importer. The price cap adds to the disruption caused by the EU's embargo on imports of Russian crude by sea and similar pledges by the United States, Canada, Japan and Britain. Russia has declared its intention not to sell oil to anyone who signs up to the price cap.

☆ Oil prices fall on higher U.S. dollar, economic fears
▼ + stars: | 2022-12-06 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

LONDON, Dec 6 (Reuters) - Oil prices fell in a volatile market on Tuesday, as a stronger U.S. dollar and economic uncertainty offset the bullish impact of a price cap placed on Russian oil and prospects of a demand boost in China. A stronger greenback makes dollar-denominated oil more expensive for buyers holding other currencies, reducing demand for the commodity. In China, more cities are easing COVID-19-related curbs, prompting optimism for increased demand in the world's top oil importer. The price cap comes on top of the EU's embargo on imports of Russian crude by sea and similar pledges by the United States, Canada, Japan and Britain. Russia has declared its intention not to sell oil to anyone who signs up to the price cap.

Brent crude futures gained 38 cents to $83.06 a barrel by 0458 GMT. Crude futures on Monday recorded their biggest daily drop in two weeks, after U.S. service sector data raised worries that the Federal Reserve could continue its aggressive policy tightening path. In China, more cities are easing COVID-19-related curbs, prompting optimism for increased demand in the world's top oil importer. The country is set to announce a further relaxation of some of the world's toughest COVID curbs as early as Wednesday, sources said. But the oil price gains could prove fragile, as it would take time to confirm a sustained recovery in Chinese consumption, as well as the supply impact of Russian sanctions.

Summary Oil futures edge higher after falling more than 3% last sessionG7 price cap on Russian oil kicks inOPEC+ keeps steady policy amid weakening economyDec 6 (Reuters) - Oil prices edged higher on Tuesday, after a G7 price cap on Russian seaborne oil came into force on Monday on top of a European Union embargo on imports of Russian crude by sea. The Group of Seven price cap comes as the West tries to limit Moscow's ability to finance its war in Ukraine, but Russia has said it will not abide by the measure even if it has to cut production. read moreThe price cap, to be enforced by the G7 nations, the European Union and Australia, comes on top of the EU's embargo on imports of Russian crude by sea and similar pledges by the United States, Canada, Japan and Britain. The Group of Seven (G7) countries and Australia last week agreed on a $60 a barrel price cap on seaborne Russian oil. In China, more cities eased COVID curbs over the weekend, prompting optimism for increased demand in the world's top oil importer.

☆ Oil drops below $80 as demand doubt deepens
▼ + stars: | 2022-12-06 | by ( ) www.cnbc.com time to read: +3 min

Global oil prices slid below $80 per barrel for the first time since January on Tuesday, extending a downward trend as growing concerns about global demand offset any bullish effects from an EU-led price cap on Russian oil sales. Brent crude futures settled down 4.03%, to $79.35 a barrel, their lowest since Jan. 4. West Texas Intermediate crude (WTI) fell 3.48%, to $74.26 after hitting its lowest level this year. The U.S. dollar index edged lower on Tuesday but was still buoyed by bets on higher interest rates, following the biggest rally in two weeks on Monday. U.S. crude oil stocks are forecast to have fallen last week.

☆ G7 price cap on Russian oil kicks in, Russia will only sell at market price
▼ + stars: | 2022-12-05 | by ( Jan Strupczewski | ) www.reuters.com time to read: +3 min

The price cap, to be enforced by the G7, the European Union and Australia, comes on top of the EU's embargo on imports of Russian crude by sea and similar pledges by the United States, Canada, Japan and Britain. It allows Russian oil to be shipped to third-party countries using G7 and EU tankers, insurance companies and credit institutions, only if the cargo is bought at or below the price cap. Because the world's key shipping and insurance firms are based in G7 countries, the cap could make it difficult for Moscow to sell its oil for a higher price. Russia, the world's second-largest oil exporter, said on Sunday it would not accept the cap and would not sell oil that is subject to it, even if it has to cut production. In essence, such a decree would ban the export of oil and petroleum products to countries and companies that apply it.

The Biden administration called them “shortsighted” and said they would hurt low- and middle-income countries by pushing energy prices higher. Europe’s ban on importing oil from Russia shipped by sea kicks in on Monday, injecting extra uncertainty into the outlook for energy supply. G7 nations, the European Union and Australia agreed Friday to impose a price cap of $60 a barrel on Russian oil shipped to other countries that have not adopted an embargo. The move, which also takes effect Monday, is aimed at depriving the Kremlin of revenue while avoiding a price shock by keeping Russian oil flowing to some markets. Moscow has previously threatened to retaliate by cutting off oil supply to countries that adhere to the price cap.

☆ OPEC sticks with oil supply cuts as West tightens sanctions on Russia
▼ + stars: | 2022-12-04 | by ( Julia Horowitz | ) edition.cnn.com time to read: +2 min

☆ Oil embargo set to restrain Russian stocks recovery in 2023
▼ + stars: | 2022-11-29 | by ( Alexander Marrow | ) www.reuters.com time to read: +3 min

The Russian market crashed in February after Moscow sent tens of thousands of troops into Ukraine, triggering sweeping western sanctions. Risk aversion has soared but some fundamentals, such as a strong price of oil, Russia's main export, have underpinned the market. The G7, European Union and Australia, are set to implement a price cap on seaborne exports of Russian oil on Dec. 5. Oil and gas exporters have a strong weighting in Russian stock indexes. "For Russian oil producers, the 2023 outlook is closely linked to the effect from the EU oil embargo on Russian oil and oil products, and also the effect from the price ceiling," said Mikhail Shulgin, head of global research at Otkritie Investment.

The G7, including the United States, as well as the whole of the European Union and Australia, are planning to implement the price cap on sea-borne exports of Russian oil on Dec. 5. India has emerged as the second-largest single buyer after China of Russian oil since the conflict began in February. Indian refiners have taken the place of refiners in countries that have imposed sanctions on Russian crude imports, or have steered clear of Russian crude to avoid negative publicity. That means even the delivered cargoes are about the same level as the price cap. The U.S. Treasury guidance does not allow buyers in countries that have imposed sanctions on Russian crude imports, such as in the United States and the European Union, to buy Russian oil even under the price cap.

☆ G7 looking at Russian oil price cap of $65-70 per barrel - EU diplomat
▼ + stars: | 2022-11-23 | by ( Jan Strupczewski | ) www.reuters.com time to read: +2 min

The company receives crude oil from Russia via the 'Friendship' pipeline. REUTERS/Hannibal HanschkeBRUSSELS, Nov 23 (Reuters) - The Group of Seven nations (G7) is looking at a price cap on Russian sea-borne oil in the range of $65-70 per barrel, a European Union diplomat said on Wednesday. "The G7 apparently is looking at a $65-70 per barrel bandwidth," the diplomat said. The idea of the price cap is to prohibit shipping, insurance and re-insurance companies from handling cargos of Russian crude unless it is sold for no more than the maximum price set by the G7 and its allies. Because the world's key shipping and insurance firms dealing with trade in crude oil are based in G7 countries, such a price cap would make it very difficult for Moscow to sell its oil for a higher price.

REUTERS/Wolfgang Rattay/PoolWASHINGTON/LONDON, Nov 3 (Reuters) - The Group of Seven rich nations and Australia have agreed to set a fixed price when they finalize a price cap on Russian oil later this month, rather than adopting a floating rate, sources said on Thursday. “The Coalition has agreed the price cap will be a fixed price that will be reviewed regularly rather than a discount to an index," said a coalition source, who was not authorized to speak publicly. Coalition partners agreed to regularly review the fixed price and revise it as needed, the source said, without disclosing further details. The downside of the agreed fixed price system is that it will require more meetings of the coalition and bureaucracy to review it regularly, the source said. Russia has said it will refuse to ship oil to countries that set price caps.

WASHINGTON, Oct 26 (Reuters) - U.S. and Western officials are finalizing plans to impose a cap on Russian oil prices amid a warning from the World Bank that any plan will need active participation of emerging market economies to be effective. Bloomberg also reported South Korea had privately told G7 nations it planned to comply and G7 officials were also trying to bring New Zealand and Norway on board. DOWNWARD PRESSUREWestern diplomats say the price cap is already giving India and other buyers of Russian oil better leverage in negotiations with Moscow, enabling them to secure good discounts. It noted Russia has said it will not trade with countries participating in the price cap. U.S. officials say the price cap will be policed by attestations taken from buyers in local jurisdictions.

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