Russia, european union and Sanctions
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SINGAPORE (Reuters) -Oil prices barely budged on Monday as traders eyed the impact of new European sanctions on Russian oil supply, rising output from Middle East producers and concerns about fuel outlook as tariffs weighed on global economic growth.
Rosneft accused the EU of overreach, claiming the sanctions violate international law and infringe on the sovereignty of third countries like India.
India's oil trade with the European Union is under scrutiny as the EU deliberates on new restrictions targeting refined petroleum imports.
Sanctions from the European Union and United States have devastated Russia’s coal sector, causing billions in losses, collapsing exports, shuttering mines, and threatening economic stability.
EU sanctions on Russian crude, Iran nuclear talks, and U.S. tariffs may impact oil market dynamics and prices.