Morning Briefing – Oil Sanctions on Russia

Morning Briefing – Oil Sanctions on Russia

Mon 7 Mar 2022

Oil Sanctions on Russia


With real discussions actually taking place last night led by US Secretary of State Antony Blinken, the prospect of the EU and USA leading a wider block on buying Russian oil looks more possible if not yet probable. WTI closed on Friday at $115.68.

The Iranian nuclear non proliferation deal being on hold means that the prospect of Iranian oil being (more) widely available on the world market has receded which means in turn that there will be further upward pressure on the oil price this week. WTI opening at $125.32……


American Express? That will not do nicely.


Hard on the heels of Visa and Mastercard ceasing operations in Russia comes Amex which announced the same measures last night. Instructive for the West including our readers to consider what that would mean in their countries were the same restrictions to apply for them given our dependence on plastic to pay for, well, everything. EUR/USD 1.0875. Gold $1,981.


Boris Vilkitsky


This is a Liquid Natural Gas ship transporter which was bound for the Isle of Grain in Kent, England except that being a Russian ship, the UK dockworkers refused to unload the cargo which was expected this weekend by UK energy company Centrica. Full marks to the dock workers although obvious implications for gas consumers. The outcome? The Boris Vilkitsky docked a few hours later in Brittany, France.


Tears for Fears


The band hailed originally from Bath, England and was formed in 1981. Forty years later it is still going strong with songs such as Mad World released this day in 1983:


All around me are familiar faces
Worn out places, worn out faces
Bright and early for their daily races
Going nowhere, going nowhere
Their tears are filling up their glasses
No expression, no expression
Hide my head I want to drown my sorrow
No tomorrow, no tomorrow


And I find it kind of funny
I find it kind of sad
The dreams in which I’m dying are the best I’ve ever had
I find it hard to tell you ’cause I find it hard to take
When people run in circles it’s a very, very
Mad world
Mad world
Mad world
Mad world


Children waiting for the day they feel good
Happy birthday, happy birthday
Made to feel the way that every child should
Sit and listen, sit and listen
Went to school and I was very nervous
No one knew me, no one knew me
Hello teacher tell me what’s my lesson
Look right through me, look right through me




Discussion and Analysis by Humphrey Percy, Chairman and Founder

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