, Columnist
Russia Is Feeling the Pain of Europe’s Oil Embargo
The world has been well able to cope with the diversion of Russian crude from Europe to Asia, and that’s hitting the Kremlin hard.
No more Russian crude for these storage tanks.
Source: Bloomberg
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A near-total ban on imports of Russian crude into the European Union is finally hitting Russia’s oil revenue. Concerns that it would provide the Kremlin with a windfall to fund its war in Ukraine have been confounded — for now.
The US Administration feared that EU sanctions on Russia’s seaborne crude, which came into effect on Monday, would send prices soaring. The particular worry was a ban on the provision of ships and services like insurance and financing for Russian cargoes moving anywhere in the world.