The European Commission has abandoned plans to sanction Russia's nuclear sector or its representatives in its next sanctions package, three diplomats told POLITICO on Thursday.

The EU executive initially told EU countries that it would try to draw up sanctions targeting Russia's civil nuclear sector. And, ahead of a meeting of EU leaders last week, Ukrainian President Volodymyr Zelenskyy urged the bloc at least to issue sanctions against Russian nuclear energy company Rosatom.

But that plan has failed, the three diplomats said, pointing to the latest sanctions drafts. (POLITICO - Continue Reading)

More than half of Russia’s refined fuel exports have been capped at $45 a barrel, highlighting the potential pressure the nation’s oil industry could face from the latest Group of Seven sanctions.

The G-7 set out two sets of price thresholds on Russian fuels — $45 for cheap ones, $100 for pricier ones — that kicked in on Feb. 5. Anyone paying more wouldn’t be allowed to do so on European tankers or with industry standard insurance.

The lower those price caps, the more it pressures Russia and the supply chain that can deliver its fuels. 

A line-by-line review of every fuel that was capped shows that about 53% of the nation’s exports by volume can only be shipped on European tankers with western insurance if the buyers pay $45 or less for them. The remaining 47% are subject to a higher threshold of $100 a barrel. (Bloomberg - Continue Reading)