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How Shunning of Russian Oil Leaves Big Hole in Market: QuickTake

March 8, 2022, 7:17 PM

While the U.S. and the U.K. have announced plans to ban Russian oil imports, sanctions punishing Russia for its invasion of Ukraine have mostly not targeted its energy exports. Nevertheless, Russian crude is being shunned in what some traders are calling “self-sanctioning.” Because of confusion about what’s legally permitted, fears about additional import bans and concern about reputational damage, banks are pulling financing, buyers are holding back and tanker operators are reluctant to ship. The squeeze has started to have the same effect as an embargo. Since Russia is among the world’s top three exporters, it’s leaving ...