- Oil prices surged after Vladimir Putin signed an order to send forces into separatist regions of eastern Ukraine (Bloomberg)
- Western leaders responded with sanctions and a halt to the certification process for the Nord Stream 2 pipeline
- President Joe Biden issued an executive order prohibiting U.S. investment, trade, and financing to separatist regions of Ukraine
- Ambassador Linda Thomas-Greenfield said additional American sanctions against Russia would be coming Tuesday
- Brent crude traded just shy of $100/Bbl overnight before paring back gains to trade in the upper $90’s Monday morning
- Oil may jump $10/Bbl if Russian crude exports are sanctioned due to the Ukraine crisis, according to Sri Paravaikkarasu, director of Asia oil at FGE
- Although all Russian oil exports of about 7 MMBbl/d are not expected to be affected, many refiners, especially in Europe, are already shying away from those barrels, Paravaikkarasu said (Bloomberg)