NEWSWATCH: “Despite New U.S. Sanctions, Russian Oil Traders Say It’s Business as Usual” – Reuters

Oil Well file photo

“Russian oil companies will quickly find ways to work around tighter restrictions imposed this month by the United States on the foreign finance they can use, multiple Russian oil industry sources told Reuters. … new restrictions cut the period that U.S.-based entities can provide finance to Russian energy firms from 90 to 60 days … part of a fresh package of U.S. sanctions that … Trump approved on Aug. 2. Initiated by Congress … designed to punish Moscow further for its 2014 annexation of Ukraine’s Crimea peninsula and to sanction it for what U.S. intelligence agencies say was its meddling in the U.S. presidential election, something Russia denies. In particular, the measures were designed to hurt Russia’s energy sector, its biggest source of revenue. …”

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