Russia Will Have To Shut In Oil Production As Crude Becomes Too Toxic To Touch

Russia will have to shut in some of its oil production as it will not be able to sell all the volumes displaced from European markets to other regions, with Russian crude production falling and staying depressed for at least the next three years, Standard Chartered said in a note on Thursday. Russia's invasion of Ukraine was met with a severe sanctions response from the U.

S., the EU, and the UK. The Western allies kicked several Russian banks out of the international SWIFT system, and although direct sanctions on Russia's oil and gas were not immediately…