Are Russian oil sanctions a gamechanger for global energy markets? The MUFG Global Markets Podcast

Global oil markets are standing on the brink of a profound restructuring. After months of deliberations, Europe’s boycott of all Russian seaborne crude oil began on 5 December, accompanied by the G7’s price cap of USD60 per barrel on Russian oil. With Russian oil accounting for 10% of Europe’s total imports – to the tune of some 1.2 million barrels per day – the boycott is unprecedented in scale and scope.

Ehsan Khoman, Head of Commodities, ESG and Emerging Markets Research (EMEA), contextualises what the recent sanctions on Russian crude oil signal for global energy markets and what we have learned nearly one week on into its implementation.

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