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Russian Oil Is Increasingly Becoming Untouchable for Traders (3)

March 8, 2022, 2:58 AM

Russian oil is becoming even less welcome in the global petroleum market as traders fret over the possibility of a U.S.-led ban on the nation’s supplies, and a latest purchase by Shell Plc drew condemnation. TotalEnergies SE said its traders will no longer buy the nation’s crude.

U.S. lawmakers announced the outline of bipartisan legislation to bar imports of Russian oil into the U.S., though European Union governments are divided over whether to join the action. Traders who handle Russian crude -- spanning both Europe and Asia -- said the possibility of a ban, in conjunction with the response to ...