The global energy markets have been redrawn dramatically in the space of less than a week since Russia invaded Ukraine with the world’s largest country effectively becoming a pariah state for western energy consumers, reports Splash247.
Russian energy sector: A no-go zone
China looks set to receive Russian oil and gas at very cheap prices compared to the west in the months ahead.
Shell has joined bp and Equinor in exiting the Russian energy scene while the UK has banned Russian ships from calling on its shores, something the European Union is also mulling having already denied Russia access to European air space and France having detained a Russian roro on Saturday morning.
Canada has banned all oil imports while the country’s dockworkers have written to prime minister Justin Trudeau saying they will refuse to move any Russian cargo. Dockworkers in New Zealand have intimated similar moves.
The entire Russian energy sector increasingly is a no-go zone
“All of this means the entire Russian energy sector increasingly is a no-go zone amidst Russian ownerships ending up as stranded assets,” a daily markets update from Norwegian brokers Lorentzen & Co stated.
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Source: Splash247
