The discount on Russian Urals crude versus Brent surged to $19.40 per barrel on November 10th, the highest in a year, according to Kommersant citing industry sources. This increase followed new US sanctions targeting Russian energy companies Lukoil and Rosneft. Previously, discounts had reached a peak of $31.90 per barrel in the second quarter of 2022. Key buyers like India and China are reportedly reducing Russian crude imports, and declines in exports have been the steepest since January 2024.
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The United States is focusing on Lebanon to diminish Iranian funding to Hezbollah and encourage the group’s disarmament. Despite Western sanctions, Iran has funneled approximately $1 billion to Hezbollah this year, according to the US Treasury Department’s top sanctions official, John Hurley. The US aims to eliminate Iranian influence through financial pressure, as evidenced by sanctions on individuals involved in funding Hezbollah. This strategy is part of a broader “maximum pressure” campaign against Iran’s regional influence.
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In a historic White House meeting, President Trump and Syria’s new leader, Ahmed al-Sharaa, discussed the future of US-Syrian relations following the fall of Bashar al-Assad. As a result of the meeting, the US announced a partial suspension of sanctions targeting Syria’s energy industry and postwar reconstruction, excluding transactions involving Russia and Iran. The US government emphasized its commitment to helping Syria rebuild, while Syria expressed interest in re-establishing its embassy in Washington and potentially joining a US-led coalition. Further agreements were made to integrate the Kurdish-led Syrian Democratic Forces into the Syrian army.
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The United States, under President Trump, has granted Hungary a one-year exemption from sanctions related to Russian oil and gas purchases. This decision, confirmed by a White House official, came after a meeting between Trump and Hungarian Prime Minister Viktor Orban, a close ally who has maintained ties with Russia. Trump cited Hungary’s difficulty in obtaining energy from alternative sources as justification. The exemption follows the US blacklisting of Russian oil companies, and it appears to contradict Trump’s earlier stance on penalizing those who do business with them.
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The United States has granted Hungary an indefinite exemption from sanctions on Russian oil purchases, a significant win for Prime Minister Viktor Orbán following a meeting with Donald Trump. This decision allows Hungary to continue importing Russian oil and natural gas through its pipelines, contrasting with broader European Union efforts to reduce Russian energy dependence. The exemption coincides with growing economic challenges and political opposition within Hungary, as well as a new series of energy agreements with the US, including a nuclear fuel contract and potential deals for LNG and small modular reactors. While preserving Hungary’s access to Russian energy and allowing the US to exert leverage, the long-term impact on Orbán’s political standing and Hungary’s geopolitical alignment remains uncertain.
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The European Union will deny Russians multi-entry visas due to rising security concerns stemming from the ongoing war in Ukraine and increased instances of drone disruptions and sabotage. This policy change requires Russian nationals to apply for a new visa for each trip, allowing for closer scrutiny to mitigate security risks, with exceptions for specific groups like journalists and human rights defenders. These new measures follow previous sanctions and tightened controls on Russian diplomats, building upon the suspension of the visa facilitation agreement in 2022. While some advocate for stricter limitations, others caution against isolating ordinary Russians, arguing it could play into the Kremlin’s narrative and hinder efforts for peace.
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Bulgaria’s bold plan to seize and sell the Russian-owned oil refinery is a complex move, driven by a confluence of factors ranging from geopolitical pressure to national energy security concerns. It appears the nation is taking decisive steps to gain control of Lukoil’s Burgas refinery, the only one in the country, and ultimately transfer ownership. This isn’t just a simple business transaction; it’s a strategic maneuver playing out against the backdrop of international sanctions and shifting energy dynamics.
The core of Bulgaria’s strategy is to introduce legal changes that will empower a special manager to step in and take over the operational reins of the refinery.… Continue reading
Since September, North Korea has deployed approximately 5,000 military construction troops and 1,000 engineers to Russia, possibly for infrastructure reconstruction and demining efforts near the Ukrainian border. This deployment, along with reports of over 10,000 North Korean personnel stationed near the border, is part of Pyongyang’s broader support for Russian operations, including the first confirmed instance of North Korean troops directing Russian strikes. Analysts believe this cooperation enables North Korea to offset the effects of international sanctions, potentially in exchange for military technology and resources from Moscow. Furthermore, intelligence agencies are monitoring active recruitment and training efforts in North Korea, with concerns that up to 40,000 additional workers, including IT specialists, may be deployed in violation of UN sanctions.
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Canada wants to seize a Russian transport plane and hand it over to Ukraine, and frankly, the whole situation is just… well, it’s been a long time coming. You get the distinct feeling that things could be, should be, happening much faster. It’s been four years! Four years the plane has been parked, and now we’re finally considering this. You can’t help but wonder what’s taken so long. There’s a certain inertia, a bureaucratic drag that just seems to bog down decision-making, especially when it comes to acting against a country like Russia.
So, the plane itself, a transport aircraft, has been sitting in Canada because its owning company is under sanctions.… Continue reading
Russia’s refined fuel exports have plummeted to levels not seen since the start of the war, a result of refinery shutdowns and increasing Western sanctions. Overall seaborne oil product shipments in October reached their lowest volume since early 2022, despite stable diesel exports. Ukraine’s attacks on Russian energy facilities, combined with US sanctions and upcoming deadlines, are further disrupting Moscow’s energy revenue stream, a crucial source of income for the war. President Zelensky has indicated Ukraine’s intention to expand its long-range strike capabilities, hinting at further targeting of Russia’s oil industry.
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John Q. Hosedrinker 
Matt Underwood