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How are US sanctions affecting Russia's oil companies?
US sanctions target Russia's largest oil firms like Rosneft and Lukoil, restricting their access to international markets and financial systems. This aims to weaken Russia's oil revenue, but Russia has responded with dismissive statements, and some companies continue operations despite the sanctions.
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What is the EU's stance on Russian gas imports?
The European Union has banned Russian liquefied natural gas (LNG) imports as part of its broader sanctions package. This move aims to reduce Europe's dependence on Russian energy, but it also complicates energy supply and may impact prices across the continent.
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Could these sanctions impact global oil prices?
Yes, sanctions on Russia's oil sector can tighten global supply, potentially driving up oil prices. Since Russia is a major oil exporter, any disruption or reduction in exports can influence prices worldwide, affecting economies everywhere.
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How are India and China responding to these sanctions?
India and China, major buyers of discounted Russian oil, are reconsidering their purchases amid the sanctions. Despite US pressure, Indian refiners have maintained Russian oil imports, though recent measures may lead to reductions. China continues to buy Russian oil, leveraging its influence over Moscow.
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What is Russia's reaction to the sanctions?
Russia has dismissed the sanctions as 'unfriendly' but manageable. President Vladimir Putin has indicated that Russia can adapt to these measures, and Russia continues to seek alternative markets and routes for its energy exports.
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Could these sanctions lead to long-term changes in global energy supply?
Potentially, yes. If sanctions persist or intensify, they could accelerate shifts toward alternative energy sources and suppliers, reshaping the global energy landscape and reducing reliance on Russian oil and gas in the future.