US, allies prepare fresh sanctions on Russian oil industry

The US and its allies are preparing their next round of sanctions on Russia’s oil industry, aiming to cap the sales prices of Russian exports of refined petroleum products in an expansion of novel penalties the West has imposed on the country’s crude, Report informs, citing The Wall Street Journal.

In meetings across Europe this week, Treasury officials are discussing the details of the coming sanctions on Russian oil products, which are set to go into effect Feb. 5. The penalties will set two price limits on Russian refined products: one on high-value exports such as diesel and another on low-value ones such as fuel oil, according to people familiar with the plans.