EU leaders on Monday agreed to ban 90% of Russian crude by the end of the year as part of the bloc’s sixth sanctions package on Russia since it invaded Ukraine.
Tiger Global Drops 14% in May During the Tech Sell-Off, Pushing Hedge Fund's 2022 Losses to Over 50%Whether Russia manages to offload its sanctioned crude and how much it can sell would affect oil prices globally. Roughly 36% of the EU's oil imports coming from Russia.
"Whether those barrels find homes in India, China, and Turkey could hinge on whether the EU ultimately opts to target shipping and insurance services and whether the US chooses to impose Iran-style secondary sanctions," RBC's Croft wrote.and industry watchers say that looks set to continue.according to market watchersIndia bought 11 million barrels in March and that figure jumped to 27 million in April and 21 million in May, according to data from commodity data firm Kpler.
Given the"alarmingly low" inventory and the scarcity of refining capacity, a preemptive Russian cut-off could have a very damaging economic impact this summer, she added.
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