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Russian oil hit by sanctions and low prices

Oil in Russia is being squeezed at both ends

Russia’s oil industry is under pressure from either side: on one hand, there are western sanctions affecting finance and technology; and on the other, lower oil prices are hitting the budget. Production is running at a high rate, but given the size of its contribution to the global supply situation, any threat to its existence needs to be taken seriously. Last year’s sanctions against Russia, first over its involvement in Crimea’s secession from Ukraine and then in the military conflict in southeastern Ukraine, were put in place by the US and then by sanctions from Canada, the EU, Iceland, Norway, Switzerland, Australia, New Zealand, and Japan. The sanctions banned companies from supplyin

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