Exclusive: Russia sees sanctions impact on oil products, eyes crude export boost -senior source – Reuters

Exclusive: Russia sees sanctions impact on oil products, eyes crude export boost -senior source – Reuters

Jan 17 (Reuters) - Russia expects Western sanctions to have a significant impact on its oil products exports and therefore its production, but that will likely leave more crude oil to sell, a senior Russian source with detailed knowledge of the outlook told Reuters.

In what the West casts as unprecedented sanctions and President Vladimir Putin deems a declaration of economic war, the United States and its allies are trying to constrict the economy of Russia, the world's second largest oil exporter after Saudi Arabia.

In an attempt to punish Russia for the conflict in Ukraine, the European Union banned seaborne Russian crude imports from Dec. 5 and will ban Russian oil products from Feb. 5.