Black Sea Petroleum to halt Russian crude processing at Kulevi refinery in September

The EU has implemented its 21st sanctions package against Russia and Belarus, targeting financial institutions, cryptocurrency evasion, and the 'shadow fleet', with specific exemptions granted to Greece for pre-existing LNG contracts. Concurrently, maritime security risks in the Black Sea have escalated following a fatal drone strike on a commercial vessel near Sulina. The long-term efficacy of these expanded sanctions and the potential for further Black Sea incidents remain key uncertainties.

The US-Iran conflict has escalated significantly, with reported US strikes on Iranian targets and Iran threatening regional energy infrastructure, leading to global oil prices exceeding $100/bbl. Concurrently, Ukraine continues long-range drone strikes against Russian energy, logistics, and defense infrastructure, impacting Russia's warfighting capabilities. The broader economic impact of rising oil prices and market volatility is confirmed.