The U.S. and its allies are preparing their next round of sanctions on Russia’s oil industry, aiming to cap the sales prices of Russian exports of refined petroleum products in a step some market watchers warn could squeeze global supply.
In meetings across Europe this week, Treasury officials are discussing the details of the coming sanctions on Russian oil products, which are set to go into effect on Feb. 5. The penalties will set two price limits on Russian refined products: one on high-value exports such as diesel and another on low-value ones such as fuel oil, according to people familiar with the plans.
