Brent $122.40; WTI $118.0
From ZeroHedge:
After days of leaks, late on Sunday Bloomberg confirmed that European Union leaders agreed to pursue a partial ban on Russian oil, setting the stage the way for a sixth package of sanctions to punish Russia and its president, Vladimir Putin, for the invasion of Ukraine...
... with some member states reportedly already pushing for a seventh EU sanctions package... although considering that Russian oil exports have hit record highs ever since the Ukraine war erupted, one wonders if this round of "sanctions" will be just as worthless as all the previous ones.
The sanctions - as previewed last week - would ban the purchase of crude oil and petroleum products from Russia delivered to member states by sea but include a temporary exemption for pipeline crude (at the insistence of Hungary and German), European Council President Charles Michel said late Monday during a summit in Brussels.
“This immediately covers more than 2/3 of oil imports from Russia, cutting a huge source of financing for its war machine,” Michel said in a tweet. “Maximum pressure on Russia to end the war.”
Of course, that's just propaganda for the idiot masses: as we have shown previously, it is thanks to Europe's laughable "sanctions", that Russian oil revenues have soared by 50%, hitting a record high, and sending Russia's current account to all time highs.
Officials and diplomats still have to agree on the technical details and the sanctions must be formally adopted by all 27 nations. As we reported previously, Hungary, which will continue to receive Russian oil via pipeline, had been blocking an embargo for the past month as it sought assurances its energy supplies wouldn’t be disrupted....
....MUCH MORE
