The G7 will impose a full ban on Russian oil and oil products, but in an timely and orderly fashion. Oil prices to rise further in the coming months, depending on the lifting of the Chinese lockdowns. Also the risk of a full ban on Russian gas imports has increased. Global gas prices have been revised higher due to shifts in global demand. And finally, there is an increased divergence between short term and long term power prices. On 4 May, European Commission (EC) President Ursula von der Leyen announced a proposal for a gradual ban on Russian oil and oil products before the end of this year. According to Ms. von ... (full story)