US Hits Russian Oil Refining Sector, Slaps Export Curbs on Belarus

Oil marched relentlessly higher beyond $110/bbl on March 2, responding to a flood of divestment from Russian oil assets by major companies and expectations that the market will remain short of supply for months to come.

Alexandra Alper and Doina Chiacu, Reuters

The U.S. on March 2 took aim at Russia’s oil refining sector with new export curbs and targeted Belarus with sweeping new export restrictions, as the Biden administration amps up its crackdown on Moscow and Minsk over the invasion of Ukraine.

The new round of sanctions announced by the White House ban the export of specific refining technologies, making it harder for Russia to modernize its oil refineries.

The White House also applied a sweeping set of export restrictions levied against Russia last month to Belarus, arguing the controls would help prevent the diversion of items, including technology and software, in the defense, aerospace, and maritime sectors to Russia through Belarus.

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