All the market moving headlines lately are around Russian imports being blocked from the US, UK and Europe but there's a tail risk that Russia cuts them off from its side.
RIA reports that Putin today signed a degree blocking exports and raw materials from Russia of 'certain materials'. The report says the list will be determined in two days.
If Russia blocks oil and gas exports, the price jump will be stratospheric. Google translate of the full RIA article:
President Vladimir Putin signed a decree on the application of special economic measures in the field of foreign economic activity to ensure the security of the Russian Federation.
The head of state instructed to determine in two days the lists of states where the import of certain products and raw materials will be prohibited.
He also instructed to ensure a ban on the export of products and raw materials from Russia until December 31, the list of which will be determined by the government.
WTI crude oil is up $3.98 to $123.31.