Russian oil
The President of the European Commission has hinted at the introduction of more sanctions later this month
Campaigners claim that loophole could see other countries that have not banned Russian crude imports used as a back door for oil exports into the UK
The energy giant said it would take a $3.7bn hit as a result of its decision to withdraw its directors from Novatek and dump a 19.4% stake in the company
G7 countries and Australia have implemented a cap of $60 a barrel
The ban, which will come into effect from 5th December 2022, applies to UK services including insurance, brokerage and shipping
The measure aims to limit Russia’s earnings from oil exports
Russia’s oil production in July was nearly 310,000 barrels a day below pre-war levels
The coal cutoff is predicted to impact about €8 billion worth of Russian exports every year
Slovakia, Czech Republic and Hungary are expected to be affected by the suspended Russian oil pipeline flows
The UK has reportedly not introduced restrictions that could have Russia shut off from the oil cargo insurance market