A number of countries globally have introduced sanctions on imports and exports with Russia, notably the EU which introduced a complete import ban on all Russian seaborne crude oil and petroleum products in early June 2022. With Russia being an important supplier of refined and crude oil globally, many countries are turning to alternative sources, which in turn is pushing up prices.
The BP logo on a fuel pump at a BP Plc petrol station on the side of the North Circular road in London, U.K., on Tuesday, Feb. 2, 2021. BP Plc showed that Big Oil has barely begun to heal the wounds from last year's historic slump, posting earnings that fell short of expectations on weak fuel sales, refining margins and gas trading. Photographer: Chris J. Ratcliffe/Bloomberg , Bloomberg
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