European Union (EU) leaders have agreed to embargo some Russian crude oil. EU President Michelle (President of the European Council) revealed late on the 30th. It will pave the way for the sixth sanctions against Russia. The sanctions prohibit the purchase of crude oil and petroleum products transported from Russia to EU member states via the sea. However, crude oil via the pipeline is temporarily exempted.
(Source: Bloomberg)
If Russian crude oil is embargoed, imports from other oil-producing countries will increase. Naturally, Canadian crude oil is expected to increase, which is positive for CAD.
CAD continues to buy.
