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Sanctions on Russian oil affect energy sector

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Sanctions on Russian oil affect energy sector

March 8, 2022 admin Comments Off

U.S. President Joe Biden has announced a ban on Russian oil and other energy imports. Britain said it will phase out the import of Russian oil and oil products by the end of 2022, giving the market and businesses time to find alternatives.

Russia ships 7 million to 8 million barrels per day of crude and fuel to global markets. European allies are not expected to join the United States in the ban, but major buyers there are already shunning Russian oil. Shell, the one notable major that did buy Russian crude, faced a torrent of criticism, including from Ukraine’s foreign minister. On Tuesday, Shell said it would no longer buy Russian oil.

The race to find alternative, renewable energy sources is now more pressing than ever.