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Ukraine war latest: FTSE Russell, MSCI to remove Russian equities as Fitch cuts Moscow’s rating to junk

Russia’s largest buyers of Russian oil include ExxonMobil © Adrian Dennis / AFP via Getty Images

Democrats in Congress are urging U.S. refineries to stop importing oil from Russia in an effort to step up pressure on the Kremlin this week into the Russian invasion of Ukraine.

Bobby Rosh, the Democratic chairman of the House Energy Committee, and Jerry McNarny, another Democrat on the subcommittee, wrote to the refinery industry group calling on its members to stop buying Russian crude oil and refined products in part.

In a letter to the American fuel and petrochemical manufacturers, which was seen by the Financial Times, the two legislators wrote: “Since all purchases of Russian barrels will now fund its war with Ukraine, the continuation of this activity has become unacceptable.”

Separately, Jack Reed, the Democratic chairman of the Senate Armed Services Commission, tweeted on Wednesday: “Russian oil imports must be stopped. Our local supply is enough. “

The U.S. last year imported about 209,000 barrels of crude oil a day from Russia, or about 3 percent of total imports, according to AFP. But it also imported another 500,000 barrels a day of other petroleum products, accounting for nearly two-thirds of all crude oil imported By U.S. refineries, according to consulting firm Rapidan Energy Group.

The latest data from the U.S. Energy Information Administration show that the country’s largest buyers of Russian oil include ExxonMobil.

U.S. President Joe Biden has said he is open to imposing an oil embargo on Russia. But while his officials are wisely debating to do so, many oil buyers are already moving to stop purchasing supplies from Russia.

Valero Energy, a refinery company from Texas that is heavily imported from Russia, has suspended all future purchases of Russian oil. Ural’s crude oil from Russia is now trading at a record discount of more than $ 18 a barrel, with producers in the country struggling to find buyers.

Ukraine war latest: FTSE Russell, MSCI to remove Russian equities as Fitch cuts Moscow’s rating to junk Source link Ukraine war latest: FTSE Russell, MSCI to remove Russian equities as Fitch cuts Moscow’s rating to junk

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