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U.S. and EU Escalate Sanctions on Russian Energy Sector, Triggering Oil Price Surge
U.S. and EU Escalate Sanctions on Russian Energy Sector, Triggering Oil Price Surge
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BTCCSquare news:
The Biden administration imposed sweeping sanctions on Russia's top oil producers—Rosneft, Lukoil, and two others—following Moscow's refusal to engage in ceasefire talks. Brent crude spiked 5% within hours as markets priced in potential supply disruptions. The MOVE directly targets Russia's economic lifeline: energy exports account for nearly a third of federal revenue.
Europe mirrored the U.S. measures, banning new contracts for Russian LNG (€7 billion annually) and blacklisting 21 foreign firms accused of sanctions evasion. The EU's shadow fleet crackdown now covers 558 vessels suspected of clandestine oil shipments. RBC Capital's Helima Croft called it "the most material step to shutter the Russian war ATM."
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