The countries argue that a lower cap would further restrict Russia's ability to finance its war against Ukraine while avoiding significant disruptions to global oil markets.
Three sanctioned tankers carrying over 2 million barrels of Russian crude oil are floating off China's coast after they were hit by fresh U.S. sanctions last week, Bloomberg reported on Jan. 13.
Ex-President Petro Poroshenko and members of his European Solidarity opposition party submitted a bill on Jan. 7 banning the transit of Russian oil and gas through Ukraine's territory during martial law.
The operation, carried out jointly by Ukraine's military intelligence, the Unmanned Systems Forces, and other units, targeted the Kristal Plant used to supply fuel to the nearby Engels-2 airbase, the military said.
The U.S.'s planned sanctions would aim at targeting tankers carrying Russian oil above the imposed price cap and individuals working in schemes to sell crude above the cap, Reuters reported.
The Helsinki District Court has ruled to keep the oil tanker — suspected of belonging to Russia's "shadow fleet" — under seizure, despite an appeal from the ship's owner.
The amount of oil spilled in the Kerch Strait by two Russian oil tankers is "significantly less than the initial estimate," Russia's Transport Ministry claimed on Jan. 2.
The declaration comes after President Volodymyr Zelensky confirmed during a press conference on Dec. 19 that Ukraine would not extend the transit agreement for Russian gas through its territory, which is set to expire on Dec. 31.
Initially, SBU drones attacked the facility to distract Russian air defenses, providing a "window" for Ukrainian missiles to strike the facility, an SBU source said.
A fire broke out at the Novoshakhtinsk oil refinery in Russia's Rostov Oblast in the early hours of Dec. 19 following a mass drone and missile attack, Yuri Slyusar, acting governor of Rostov Oblast said.
The two tankers, which reportedly sank on Dec. 15 due to severe weather conditions, were carrying approximately 4,000 tons of fuel oil on board each.
Ukrainian drones reportedly struck an oil depot in the city of Oryol overnight on Dec. 14, causing a large fire. Governor Andrey Klychkov later said that 11 drones were downed over the Oryol region.
The European Union has failed to approve its 15th sanctions package on Russia, which included an extension for Czechia to import Russian oil products through Slovakia, Reuters reported on Dec. 6, citing unnamed diplomatic sources.
A large fire has engulfed an oil depot in Russia's Rostov Oblast overnight on Nov. 29, local media reported.
The United Kingdom sanctioned 30 oil tankers of Russia's "shadow fleet" that carried billions of dollars worth of oil and oil products last year, the government said on Nov. 25.
Key developments on Nov. 22: * Russia likely used ballistic missile from 'Kedr' complex to strike Dnipro, intelligence says * Russia plans to launch mass production of Oreshnik missile, Putin says * North Korea received anti-aircraft missiles, oil from Russia in exchange for troops, reports say * Russia has deployed nearly 60,000 troops
At least three Russian oil refineries have been forced to halt or scale back production due to significant losses and now face the risk of closure, Reuters reported on Nov. 15, citing five undisclosed sources.
EU member nations hope to approve the package by the end of the year, in time to adopt the sanctions on Feb. 24, 2025 — the third anniversary of Russia's full-scale invasion.
Private Chinese oil refinery Landbridge Petrochemical Co. has made a rare purchase of a shipment of West African oil instead of typical import from sanctioned Iran and Russia, Bloomberg reported on Nov. 14.
In recent months, Ukrainian forces have launched a series of drone strikes aimed at damaging Russia's oil industry, whose profits fuel Moscow's war efforts.
The United Kingdom has been unable to retrieve its weapons from floating armories offering weapons and accommodation for guards defending Russian oil tankers, Bloomberg reported on Nov. 5.
Key developments on Oct. 27: * Russia transporting North Korean troops to front lines in civilian trucks, military intelligence says * Russian soldiers suspected of murdering 2, injuring 1 civilian in embattled Selydove * Russia had 'partial success' at Levadne but Ukraine holds dominant heights, military says * Russia claims downing 51 Ukrainian drones,
A drone struck in the Michurinsky district of the region at around 0:40 a.m. local time, causing a fire that was quickly extinguished, Governor Maxim Egorov said on his Telegram channel.
A draft budget submitted to the Russian parliament last month has outlined the Kremlin's plans to keep spending high in its wartime economy, with ambitions to maintain the steady levels of growth the country has seen since its full-scale invasion of Ukraine in February 2022. Surging government spending on war
Saudi Arabia’s planned oil production hike may not break Russia’s petro-export-fueled economy, but escalations between Israel and Iran could be a gold rush for Moscow. Since late 2022, the OPEC oil cartel, of which Russia is a member, has withheld oil production and exports to prevent a surplus
Russia's "shadow fleet" of older and poorly insured tankers transports 70% of the country's seaborne exports, according to an analysis published by the Kyiv School of Economics (KSE) Insititute on Oct. 14.
Key developments on Oct. 4: * Oil depots on fire in Russia's Voronezh Oblast, Perm Krai * Russian forces less than 7 km away from Pokrovsk, authorities say * At least 177 Ukrainian POWs have died in Russian captivity, Kyiv says * EU readies to sanction Iran over missile shipments to Russia, Bloomberg reports
Ukraine placed sanctions on Russia’s Lukoil, blocking the company from transiting oil through Ukraine to Hungary and Slovakia. This move heightened tensions as Hungary accused Ukraine of endangering its energy independence.
The older vessels, which are also poorly maintained, have undeclared owners and questionable insurance, make up the majority of Russian oil transportation due to Western sanctions, according to Bloomberg.
Just before sunrise on an otherwise sleepy weekend near Moscow, a Russian eyewitness of Ukraine’s kamikaze drone attack on the Kashira Power Plant appeared stunned, unleashing an expletive-laden tirade with his wife alongside. "They f***g attacked the power plant! Wow, honey!" he said in a video posted on
Gazprom Neft Moscow refinery suspended operations at the plant's Euro+ refining unit following a fire on Sept. 1 caused by a purported large-scale Ukrainian drone attack on the region, Reuters reported, citing its sources.
The fire began on Aug. 18 following a Ukrainian strike on the oil depot, one of many attacks on Russian oil and energy infrastructure. There were unconfirmed reports that a second strike on the facility occurred on Aug. 23 after the initial fire began.
