Market Drivers – European Session 9-3-2022

The EU announced on Wednesday that it is to restrict the provision of SWIFT services to major Belarussian banks, including Belagroprombank, Bank Dabrabyt, and the Development Bank of the Republic of Belarus, as well as their Belarusian subsidiaries, reported Reuters. The EU will also prohibit transactions with the Central Bank of Belarus related to the management of reserves or assets and the provision of public financing for trade with and investment in Belarus.

Oil prices fell towards $125 a barrel in volatile trading on Wednesday, as investors assessed the impact of the US embargo on Russian oil imports and Russia’s announcement of a new ceasefire in Ukraine to allow civilians to leave the country.

Traders said that the view that the US embargo on Russian oil imports might not deepen the supply shortage limited the price hike, as well as news that Ukraine is no longer aspiring to NATO membership after news of this matter was reported this week.