Ukraine battle newest: FTSE Russell, MSCI to take away Russian equities as Fitch cuts Moscow’s ranking to junk
Democrats in Congress are urging US oil refineries to cease importing oil from Russia in an effort to ratchet up the stress on the Kremlin every week into the Russian invasion of Ukraine.
Bobby Rush, the Democratic chair of the Home Vitality Subcommittee, and Jerry McNerney, one other Democrat on the subcommittee, have written to the refiners’ business group calling on its members to cease buying Russian crude oil and partly refined merchandise.
Within the letter to the American Gas and Petrochemical Producers, which the Monetary Occasions has seen, the 2 lawmakers wrote: “As a result of any purchases of Russian barrels would now finance its battle with Ukraine, persevering with this exercise has change into unconscionable.”
Individually, Jack Reed, the Democratic chair of the Senate Armed Providers Committee, tweeted on Wednesday: “Russian oil imports must be stopped. Our home provide is adequate.”
The US imported about 209,000 barrels a day of crude oil from Russia final 12 months, or about 3 per cent of complete imports, in accordance with the AFPM. However it additionally imported one other 500,000 barrels a day of different petroleum merchandise, accounting for almost two-thirds of all unfinished oil imported by US refineries, in accordance with Rapidan Vitality Group, a consultancy.
The newest figures from the US Vitality Data Administration present the nation’s largest purchasers of Russian oil embody ExxonMobil.
Joe Biden, the US president, has mentioned he’s open to imposing an oil embargo on Russia. However as his officers debate the knowledge of doing so, many oil patrons are already transferring to cease buying provides from Russia.
Valero Vitality, a Texas-based refining firm which imports closely from Russia, has reportedly suspended all future purchases of Russian oil. Russia’s Urals crude is now buying and selling at a document low cost of greater than $18 a barrel because the nation’s producers battle to search out patrons.