Crude oil prices rose on Friday after the United States announced new sanctions targeting Russian oil exports. These are the strictest sanctions the president has imposed so far Joe Biden’s from the administration, reports news agency Reuters.
The price of Brent crude rose as much as five percent and exceeded $80 per barrel, reaching its highest level since October. The price of West Texas grade rose to $77 per barrel.
The sanctions are aimed at companies that handle more than a quarter of Russia’s oil shipments by sea, i.e to Gazprom Neft and Surgutneftegazineas well as companies connected to oil tankers, many of which are behind the so-called shadow fleet, and insurance companies. The new sanctions add 180 vessels to the sanctions list, which more than doubles the number of tankers covered by the sanctions.
“The actions are aimed at increasing sanctions against Russia’s oil trade, including vessels and financial enablement that supports Russian oil exports,” Finance Minister Janet Yellen said in the release.
Source: www.arvopaperi.fi
