October 23, 2025, 2:58 p.mOctober 23, 2025, 2:58 p.m
After the US announced sanctions against Russian oil companies, oil prices rose significantly. In London on Thursday morning, the price for a barrel (159 liters) of North Sea Brent for delivery in December rose by around five percent to $65.67.
The USA has announced sanctions against the Russian oil companies Rosneft and Lukoil.Image: keystone
The price for a barrel of the US WTI variety also shot up by a good five percent to $61.46.
The USA announced sanctions against the largest Russian oil companies Rosneft and Lukoil on Wednesday. Finance Minister Scott Bessent cited Kremlin leader Vladimir Putin’s refusal to end the war in Ukraine as the reason. US President Donald Trump said his talks with Putin to end the war in Ukraine were “good” but led “nowhere”. The EU is also taking new punitive measures against Russia.
According to UBS analyst Giovanni Staunovo, Rosneft and Lukoil together account for “around 50 to 55 percent” of total Russian crude oil production. The US sanctions are now expected to have a “negative impact on Russian crude oil exports to India and Turkey,” explained analyst Jorge Leon from Rystad Energy. On the other hand, Moscow may now increasingly resort to its so-called shadow fleet in order to avoid punitive measures.
Overall, oil prices are still at a comparatively moderate level. The main reason for this is the growing supply of American suppliers such as the USA, Canada and Brazil as well as the Organization of the Petroleum Exporting Countries (OPEC). (dab/sda/awp/afp)
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