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GRM: New sanctions against Russia will not affect oil prices

It would be too difficult for Western countries to live without Russian oil, which is why new sanctions against the country are unlikely to affect oil prices – and the sanctions will not affect shipowners either.

If the EU and US choose to give up Russian oil as a part of the fresh round of sanctions against the country, it would hit like a boomerang in the form of inflated gasoline and oil prices in Europe – and the European countries will do what they can to avoid that in the midst of a period of economic recovery following the fiscal crisis, assesses Global Risk Management oil analyst, Michael Poulsen.

Consequently, the new rounds of sanctions announced by the EU and US on Wednesday are unlikely to center on oil or affect the prices.

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