Russia will have to shut in some of its oil production as it will not be able to sell all the volumes displaced from European markets to other regions, with Russian crude production falling and staying depressed for at least the next three years, Standard Chartered said in a note on Thursday. Russia’s invasion of Ukraine was met with a severe sanctions response from the U.S., the EU, and the UK. The Western allies kicked several Russian banks out of the international SWIFT system, and although direct sanctions on Russia’s oil and gas were not immediately imposed, trade in Russian commodities has become toxic for many global players . “Because of the banking sanctions we’ve estimated about 70% of Russian crude oil exports can’t be touched. That’s about 3.8 million bpd,” Amrita Sen, Director of Research at Energy Aspects, told CNBC last week. Earlier this week, the U.S. banned […]