Engie said it would comply with any European sanctions that could potentially affect Russian gas supplies to Europe, but warned of the major impact such a move would have on the market.

OPEC+ members are attempting to regain pre-pandemic output levels by late 2022 through their monthly easing of quotas, but potential disruptions to Russian oil flows put that plan at risk.

The implementation of OPEC Plus agreements was discussed. The parties stressed their intention to continue coordinated effort in the interests of maintaining global energy market stability.

Despite the latest unloading of Russian petroleum products in the US, shipments have recently been in decline. US imports of Russian crude oil have fallen to roughly 13,500 b/d since Jan. 1, down from an average of 199,000 b/d in 2021, according to the latest US data, reflecting declining reliance on Russian crude as the Ukraine crisis escalated.

Saudi Arabia remains committed to OPEC+ agreement, Crown Prince Mohammed bin Salman told French President Emmanuel Macron Feb. 27, in an endorsement for the bloc's alliance with Russia amid that nation's invasion of Ukraine.

In response to the tougher sanctions, Russian President Vladimir Putin on Feb. 27 ordered nuclear deterrent forces on high alert, further escalating tension.

Equinor's (OSE: EQNR, NYSE: EQNR) Board of Directors has decided to stop new investments into Russia, and to start the process of exiting Equinor’s Russian Joint Ventures.

Norway's $1.3 trillion sovereign wealth fund will pull out of all investments in Russia because of its invasion of Ukraine, the Norwegian government said Feb. 27.

Blocking energy flows and banning Russia from the international financial messaging service SWIFT – two potential responses to Russia's military invasion of Ukraine – remain on the table but were not pursued in the latest sanctions package from the US.

"The European Council today agrees on further restrictive measures that will impose massive and severe consequences on Russia for its action, in close coordination with our partners and allies," the council said.