Russian refiners are bracing for the impact of the European embargo for their petroleum products including base oils and lubricants – the first such restriction in the modern history of Western relations with the country. The outlook for refiners is bleak, an industry insider said.
European Union sanctions on imports of crude oil from Russia, amplified by a price cap on the tanker shipments agreed by G-7 countries, took effect Dec. 5. Similar sanctions, due Feb. 5, are set for the petroleum product imports.
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