Oil quotes went up after the UK announced a new package of sanctions against Russian supplies and tough warnings from the US. London presented new measures in response to the violation of NATO airspace over Poland and strikes on Kiev, and in Washington Donald Trump threatened Moscow with additional restrictions, including sanctions against banks, energy and duties. At the same time, the EU is preparing the 19th package of restrictions and discussing an accelerated withdrawal from Russian energy resources.

Details

Oil prices rose in the afternoon after the UK announced a new package of 100 sanctions against Russian oil exports, WSJ writes.

Brent rose 1.5% to $67.3 a barrel, while WTI added 1.4% to $63.2 a barrel, although the session started lower amid concerns about oversupply.

The restrictions imposed by Britain on Sept. 12 cover another 70 ships from Russia's so-called shadow fleet carrying oil subject to Western sanctions, as well as 30 companies and individuals who support Moscow's war effort by supplying key components for missiles and other weapons systems.

"International action to increase economic pressure on Russia and cut off the vital cash flows that it is paying for this illegal war is crucial," said British Foreign Secretary Yvette Cooper.

What's going on

Britain's expansion of sanctions came in response to the violation of NATO airspace over Poland earlier this week and recent strikes on Kiev.

Meanwhile, the EU is preparing its 19th package of sanctions against Russia and, according to the WSJ, is considering an accelerated withdrawal from Russian fuel.

In addition, two European officials said US President Donald Trump has asked the bloc to impose duties of up to 100% on a range of goods from China and India - two of Russia's biggest oil buyers - to increase pressure on Moscow - but only if European countries take similar measures, the FT reported.

Trump made the statement while plugging into a meeting of senior US and EU officials in Washington, adding that the US was ready to mirror the duties imposed by Europe against those countries, the publication wrote earlier.

In addition, Washington intends to propose that the G7 countries create a legal mechanism to seize frozen Russian assets and consider using them to finance Ukraine's defense, Bloomberg reported after reading the initiative. The vast majority of Moscow's approximately $300 billion in frozen assets are located in Europe.

Trump said in a Sept. 12 interview with Fox News that his patience with Russian President Vladimir Putin is "rapidly running out" and threatened Moscow with new economic sanctions amid stalled efforts to negotiate a cease-fire with Ukraine.

"There will be very tough measures - sanctions on banks, on oil and also duties," Trump said.

At the same time, he emphasized that he has already "done a lot" to punish Russia, recalling the duties he imposed against India for buying Russian oil, and added that "this is Europe's problem, much bigger than ours."

Moscow, for its part, said talks with Ukraine were on "pause" despite Trump's efforts after his meeting with Putin in August to arrange direct talks between the Russian president and Vladimir Putin Zelensky.

"Communication channels exist, they have been established, our negotiators are able to communicate through these channels, but for now, perhaps, we can talk about a pause," Kremlin spokesman Dmitry Peskov told reporters on Friday, without going into details.

This article was AI-translated and verified by a human editor

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