RBC's Helima Croft: This is the first major move by the White House to sanction a Russian exporter

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RBC's Helima Croft: This is the first major move by the White House to sanction a Russian exporter

Russian oil

wti

The sanctions may lead to higher oil prices in the short term as Russian barrels may be replaced by other sources or reduced supply. Sanctions targeting Russian oil exporters are expected to reduce supply or shift trade flows, which will put upward pressure on oil prices in the near term.

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It is the big energy news that is moving both oil and many oil and gas stocks. The US Treasury hitting Moscow with new sanctions.

Host
The agency sanctioning oil from Russia's two largest oil exporters, Roseneft and Luke Oil.

Host
Let's talk about it. Tie it all together with our friend Helima Croft, global head of commodity strategy at RBC.

Host
Helima Croft

I would argue that we never really significantly sanctioned Russian oil. The price cap was designed to keep Russian barrels flowing to Asia, especially India, which became a large importer. This is the first major move by the White House to basically sanction a major Russian exporter to reduce their oil revenue funding the war in Ukraine.
Helima Croft

This action aims to break Russia's war funding machine by targeting oil revenue. This will likely cause major Russian oil importers like Reliance in India to reconsider their purchases to avoid sanctions.
Helima Croft

The sanctions may lead to higher oil prices in the short term as Russian barrels may be replaced by other sources or reduced supply.

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